South Korea’s exports surged 13.9% year-on-year to $57.4 billion in July, marking the 10th consecutive month of growth, driven by a strong performance in the semiconductor sector, according to the trade ministry. The country also recorded a trade surplus for the 14th consecutive month, with the cumulative trade surplus for January-July reaching $26.7 billion, the highest level since 2018.

Exports increased to key trading partners, including China (14.9%), the U.S. (9.3%) and Southeast Asian countries (12.1%). The South Korean government aims to achieve a $700 billion export target this year, following a 7.4% decline in 2023.