SEOUL - South Korea's semiconductor and automobile industries played a pivotal role in boosting the country's exports in the second quarter, with combined shipments of these sectors reaching a record high and accounting for over 30 percent of total exports.
According to Yonhap News Agency, the combined exports of chips and cars tallied up to $54.3 billion during the April-June period. This figure represents 31.7 percent of the total exports, surpassing the previous high of 29.7 percent recorded in the prior quarter. Specifically, semiconductor exports made up 20.3 percent of the total, while automobiles accounted for 11.4 percent.
This significant contribution marks a notable recovery, particularly in the semiconductor sector, which saw its export proportion dip in previous years due to global market fluctuations. The resurgence in chip exports this year is attributed to increased global demand fueled by expansions in cloud computing and artificial intelligence sectors. Meanwhile, auto exports achieved a quarterly high of $19.5 billion, the most substantial since crossing the $10 billion mark in late 2007.
The Korea Automobile and Mobility Association anticipates that overseas sales of automobiles will continue to grow, projecting a 6.5 percent increase to $37.5 billion in the second half of the year. This optimistic forecast is driven by strong demand for Korean eco-friendly and sports utility vehicles, particularly in the North American market.