Doha: South Korea's exports rose 5.9% from a year earlier in July thanks to robust global demand for semiconductors. Outbound shipments came to $60.8 billion last month, the highest figure for any July, according to data compiled by the Ministry of Trade, Industry and Energy.

According to Qatar News Agency, imports added 0.7% on-year to $54.2 billion, resulting in a trade surplus of $6.61 billion. Semiconductor exports jumped 31.6% on-year to $14.71 billion, also making an all-time high for any July, backed by an increase in memory chip prices and solid demand for high-value products, such as high bandwidth memory (HBM) chips and DDR5.

Shipments of automobiles increased 8.8% to $5.83 billion thanks to the strong performance in the European Union (EU), Latin America, and the Commonwealth of Independent States (CIS), which includes Russia. Ship exports spiked 107.6% on-year to $2.24 billion, marking the fifth consecutive month of on-year increase, driven by robust demand for high-value ships, such as liquefied natural gas (LNG) tankers.

On the other hand, shipments of petroleum and petrochemical products decreased 6.3% and 10.1% to $4.21 billion and $3.75 billion, respectively. "With the trade deal with the US, South Korea faces tariff rates equal to or lower than those of our rival countries," South Korean Industry Minister Kim Jung-kwan said in a press release, cited by Yonhap News Agency. He noted that Korean companies can now compete in the US market on "equal or even more favorable terms."

"The government will actively support our companies to help them enhance their competitiveness and diversify export destinations in this new and challenging trade environment," the minister added.