South Korea's July Exports Near $100 Billion Again on Chip Demand

South Korea's exports climbed about 63% year-on-year in July to $98.89 billion, the second-highest monthly figure ever recorded, trailing only June's all-time high of $102.25 billion when shipments first crossed the $100 billion mark. Data released on August 1 by the Ministry of Trade, Industry and Resources showed semiconductors remained the engine of growth, with chip exports surging roughly 179% to $41 billion and exceeding $40 billion for a second consecutive month as global memory prices stayed high on artificial intelligence demand. Imports rose about 26.5% to $68.56 billion, leaving a trade surplus of $30.32 billion, down from June's record. Shipments to China and the United States both climbed sharply. The strong data followed a turbulent month for local equities: the benchmark KOSPI tumbled around 22% in July, its biggest monthly drop since 2008, on worries about AI spending, before staging a record rally at month-end. Samsung Electronics reported a huge jump in chip profit and multi-year supply deals, while SK Hynix posted record results that still missed lofty expectations.