(LEAD) Exports extend gains to 9th straight month in June

South Korea's exports extended on-year gains to the ninth straight month in June on the back of record performance of semiconductors, data showed Monday. Outbound shipments rose 5.1 percent on-year to US$57 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports shed 7.5 percent on-year to $49 billion last month, resulting in a trade surplus of $8 billion. South Korea has been maintaining a trade surplus for 13 consecutive months. By sector, exports of semiconductors, the backbone of Asia's No. 4 economy, shot up 50.9 percent over the period to $13.4 billion. This marked eight consecutive months of on-year growth. Exports of displays, computers and mobile devices also increased by 26.1 percent, 58.8 percent and 3.9 percent, respectively, on-year in June. Outbound shipments of automobiles, on the other hand, edged down 0.4 percent to $6.2 billion due to fewer business days. By destination, exports to the United States increased by 14.7 percent to $11 bil lion, the highest for any June. Exports to the world's top economy have been reporting fresh monthly highs since August last year. Exports to China also gained 1.8 percent to $10.7 billion on-year, maintaining growth for four consecutive months. Over the first six months of 2024, exports gained 9.1 percent from the previous year to $334.8 billion, while imports dropped 6.5 percent to $311.7 billion. The trade surplus came to $23.1 billion in the first half, marking the highest amount since $31.1 billion posted during the same period in 2018. Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. Source: Yonhap News Agency