South Korea exports set to grow at strongest pace in nearly 5 decades: Reuters poll
Cranes and shipping containers are seen at Pyeongtaek port in Pyeongtaek, South Korea, April 2, 2025. REUTERS/Kim Hong-Ji
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SEOUL, June 29 : South Korean exports likely posted their strongest annual growth in nearly five decades in June, as semiconductor shipments broke fresh records in the wake of a boom in global AI investment, a Reuters poll showed on Monday.
Exports from Asia’s fourth-largest economy, a bellwether for global trade, surged 61.0 per cent from a year earlier, the median estimate of 13 economists polled by Reuters showed.
That would top the 53.4 per cent pace in May and mark the strongest growth since October 1978. Exports have climbed since June 2025, with the pace quickening to double digits from December.
The export windfall has been underpinned by chipmakers Samsung Electronics and SK Hynix on surging chip prices driven by a global boom in AI investment.
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“With chip prices climbing and token usage at the world’s major language models rising, the strong run in memory chip exports looks set to continue,” said An Ki-tae, an economist at NH Investment & Securities.
In the first 20 days of June, exports jumped 60.4 per cent from a year earlier, with semiconductor shipments soaring 188.4 per cent to push the chips’ share of total exports to 41.2 per cent, according to data released by the Korea Customs Service.
“With the chip export boom continuing, a global recovery driven by falling oil prices should also support exports of non-chip products,” said Park Sang-hyun, an economist at iM Securities.
South Korea is set to unveil three “mega-projects” to fuel its next growth phase, including a new semiconductor hub in the southwest that local media say could attract investments by Samsung and SK spanning hundreds of billions of dollars over several years.
The survey tipped imports to rise 26.3 per cent from a year earlier, the sharpest increase since August 2022, after gaining 20.7 per cent in the previous month. The monthly trade surplus was forecast at a median $32.58 billion, which would be a fresh record.
On inflation, consumer prices were set to rise 3.2 per cent from a year earlier, which would mark the fastest increase since December 2023.
South Korea is scheduled to report trade figures for June on Wednesday, July 1, at 9 a.m. (0000 GMT).
Source: Reuters
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