Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that in July 2026, Korea’s exports rose 62.8 percent year-on-year to USD 98.89 billion. Imports increased 26.5 percent to $68.56 billion, resulting in a trade surplus of $30.32 billion.

Exports also set a July record, the 14th consecutive month in which exports have reached an all-time high for that calendar month. Semiconductor exports rose 179 percent, while non-semiconductor exports increased 26 percent. Average daily exports, adjusted for working days, rose 69.6 percent to $4.12 billion, exceeding $4.0 billion for the third consecutive month.

By item, 19 of Korea's 20 key export items posted growth. In IT, all four items recorded growth. Semiconductor exports rose 178.8 percent to $41.01 billion, topping $40.0 billion for the second consecutive month. Computer exports rose 404.0 percent to $4.79 billion, led by enterprise SSDs. Wireless communication device exports increased 51.0 percent to $1.81 billion on strong sales of premium models, while display exports rose 2.4 percent to $1.61 billion.

Automobile exports rose 7.0 percent to $6.24 billion, supported by strong sales of eco-friendly vehicles and a favorable base effect. Ship exports increased 46.9 percent to $3.29 billion on higher exports of LNG carriers and tankers, posting a sixth consecutive month of growth.

Petroleum product exports rose 34.1 percent to $5.68 billion as export prices increased, although export volumes fell 8.8 percent. Petrochemical exports increased 10.3 percent to $4.18 billion on higher export unit prices, while export volumes declined 9.1 percent.

Steel exports rose 4.4 percent to $2.36 billion, marking a second consecutive month of growth. General machinery exports increased 5.9 percent to $4.53 billion, led by manufacturing equipment and machinery components. Electric machinery exports rose 13.9 percent to $1.79 billion, setting a record high for July.

Among consumer goods, biohealth exports rose 30.4 percent to $1.57 billion, setting a record high for July. Cosmetics exports increased 37.8 percent to $1.35 billion, while agricultural and fisheries products exports rose 2.3 percent to $1.09 billion, led by instant noodles, snacks, and kimchi. Both categories set record highs for July. Household goods exports also rose 14.2 percent to $0.82 billion.

By destination, exports increased in eight of Korea’s nine major markets. Exports to China rose 96.2 percent to $21.68 billion, exceeding $20.0 billion for the second consecutive month and marking nine consecutive months of growth since November 2025. Exports to the United States increased 68.7 percent to $17.43 billion, led by semiconductors, computers, electric machinery, and steel, while automobile exports remained weak. Exports to ASEAN rose 73.7 percent to $18.80 billion, setting an all-time monthly record, with strong growth in semiconductors, displays, and ships. Exports to the EU increased 55.7 percent to $9.38 billion, also setting an all-time monthly record. Exports to the Middle East rose 24.7 percent to $1.83 billion, marking the first increase since January.

Imports rose 26.5 percent to $68.56 billion. Energy imports increased 50.1 percent to $14.48 billion, while non-energy imports rose 21.4 percent to $54.08 billion. Crude oil import volumes rose 7 percent and import prices climbed 44 percent, lifting crude oil imports by value 54.2 percent to $9.3 billion. Among non-energy imports, imports of semiconductor equipment rose 55.4 percent to $2.54 billion, while imports of petrochemicals increased 9.4 percent to $1.15 billion.

The trade surplus reached $30.32 billion, up $23.81 billion from a year earlier and exceeding $30.0 billion for the second consecutive month. The cumulative trade surplus from January to July reached $168.0 billion, up $134.1 billion from the same period last year.

MOTIR Minister JK (Jung-Kwan) Kim said, “July exports recorded a strong performance in the $90 billion range, even though July marks the beginning of the second half of the year.” He added, “This reflects the diversification of exports, underpinned by the competitiveness of Korean products, with semiconductor exports maintaining strong momentum, 19 of the 20 key export items recording growth, and non-semiconductor exports rising 26 percent.”

Minister Kim also noted that export conditions are expected to remain challenging, given new tariff measures under Section 301 of the U.S. Trade Act, increasing protectionism in major economies, and continued uncertainty in the Middle East. He added that the government will closely monitor conditions across major export items and markets and mobilize all available policy tools to help Korean companies respond in a timely manner to changes in the trade environment, including tariffs and non-tariff barriers.