South Korea's exports extended on-year gains to the tenth straight month in July on the back of the robust performance of semiconductors, data showed Thursday. Outbound shipments rose 13.9 percent on-year to US$57.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 10.5 percent on-year to $53.8 billion, resulting in a trade surplus of $3.62 billion. South Korea has been maintaining a trade surplus for 14 consecutive months. The combined trade surplus over the January-July period reached $26.7 billion, the highest since 2018. By sector, exports of chips jumped 50.4 percent in July from a year earlier to $11.2 billion, marking nine straight months of on-year gains. The growth remained above the 50 percent mark for four consecutive months as well. Outbound shipments of display products gained 2.4 percent on-year, while those of computers and mobile devices spiked 61.6 percent and 53.6 percent, respectively, according to the data. However, export s of automobiles declined 9.1 percent on-year to $5.4 billion in July, due to the summer vacation season. By destination, exports to China surged 14.9 percent to $11.4 billion, the highest since the $12.2 billion recorded in October 2022, driven by the strong performance of chips and mobile devices. Shipments to the United States also increased 9.3 percent on-year to $10.2 billion, marking the highest for any July. "The government will utilize all available resources and work closely with the private sector to set a new record in exports this year," Industry Minister Ahn Duk-geun said in a statement. South Korea aims to achieve annual exports of $700 billion this year. Outbound shipments decreased 7.4 percent on-year in 2023 to $630 billion amid the sluggish performance of chips, coupled with global economic uncertainties. Source: Yonhap News Agency
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