South Korea exports jump 60.4% in June, led by semiconductors

South Korea’s exports rose 60.4% from a year earlier in the first 20 days of June, with adjusted exports up nearly 50%, close to May’s 52.6% pace. Customs data showed exports at $62 billion versus $38.6 billion in the same period of 2025, while imports climbed 23.2% to $44.5 billion, leaving a $17 billion trade surplus. The surge was driven by semiconductors as global spending on AI infrastructure boosted demand for memory chips from Samsung Electronics and SK Hynix. Semiconductor shipments rose 188.4% year over year and generated $25.5 billion, while computer product exports increased 293.3%. South Korean media outlet ETNews, cited by Critini Research analyst Jukan, said June memory semiconductor exports could reach a record $38 billion to $42 billion, topping May’s previous high of $37.16 billion. Korea Customs Service data showed exports of major memory products exceeded $23 billion from June 1-20, as AI demand and shortages of high-bandwidth memory lifted prices and shipments across HBM, DRAM, NAND and SSD. Exports to China climbed 86.9% to $13 billion and shipments to the United States rose 53.9% to $11.4 billion, with trade with Vietnam and the European Union also higher. Policymakers are assessing how the chip boom is feeding through to growth, tax revenue and wider asset markets, even as a weaker won and high oil prices push the BOK (South Korea’s central bank) toward a more hawkish stance. Governor Shin Hyun Song said the semiconductor upswing is spreading to the broader economy through profits, spending and investment, but warned it could complicate inflation after May consumer inflation reached a two-year high of 3.1%. JPMorgan’s quant team said the semiconductor trade has become crowded, with high exposure, stretched valuations and quarter-end rebalancing risks potentially increasing volatility and spilling into vulnerable risk assets, including cryptocurrency markets.