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Korea Trade June 2024

Korea: Merchandise exports rise at a more moderate pace in June

Merchandise exports increased 5.1% annually in June, following May’s 11.5% jump and marking the second-highest total export value of all time. The daily average export value—which accounts for the number of working days—was up 12.4%. IT items—particularly semiconductors—drove the readings, amid a boom in global AI demand. Meanwhile, merchandise imports contracted 7.5% in annual terms in June (May: -2.0% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 8.0 billion surplus in June (May 2024: USD 4.9 billion surplus; June 2023: USD 1.2 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 39.0 billion surplus in June, compared to the USD 32.3 billion surplus in May.

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