South Korea ICT Exports Hit Record $53.36 Billion in July

The Ministry of Science and ICT and the South Korean Ministry of Trade, Industry and Energy reported that South Korea's ICT exports reached a record high of $53.36 billion in July. This figure represents an increase of more than 140 percent compared to the previous year and marks the second consecutive month that ICT exports have exceeded $50 billion.

Semiconductor exports drove the growth, totaling $41.02 billion, which is a 178 percent year-on-year increase. Officials attributed this surge to high demand for AI servers. ICT products accounted for 54 percent of the country's total July exports, which amounted to $98.89 billion.

While ICT imports rose 37.3 percent to $18.3 billion, the sector achieved a trade surplus of $35 billion. This performance maintains a trade surplus in the $30 billion range for three straight months.