AI chip demand drives another strong export growth for South Korea in early June

Golden Ten Data reported on June 22 that, thanks to the continued boom in the semiconductor industry, South Korea’s export growth remained strong in early June. According to data released by Korean Customs on Monday, after adjustment for working day differences, exports in the first 20 days of June rose by 49.7% year-on-year, compared to a 52.6% increase during the same period in May; without adjustment, exports grew by 60.4% year-on-year, imports increased by 23.2%, and the trade surplus reached $17.5 billion. Among them, chip exports once again led the rise, increasing by 188.4% year-on-year; exports of computer-related products surged by 293.3%; petroleum product exports benefited from the rise in energy prices. The data show that external demand remains strong, driven by rapid growth in artificial intelligence and data center-related investments. It also further indicates that semiconductors continue to be the main driver supporting South Korea’s economic growth, helping to offset weakness in other sectors of the economy. Policymakers are evaluating the impact of the semiconductor industry’s long-term boom, which not only supports economic growth but also boosts tax revenue and lifts asset prices.