China's exports jump 24% as imports of South Korean goods double

[Financial News] China's exports last month rose more than market expectations, driven by increased investment in Artificial Intelligence (AI) and stronger global demand for semiconductors. In particular, China's imports of South Korean products nearly doubled from a year earlier, indicating a sharp expansion in semiconductor and advanced-industry trade between the two countries.
China's General Administration of Customs said on the 7th, local time, that July exports, measured in U.S. dollars, came to $397.85 billion, or about 564.9 trillion won, up 23.9% from the same month last year.
That was slightly below June's growth rate of 27.0%, but still above the market forecast of 23%. July imports totaled $285.35 billion, up 27.5% from a year earlier. As a result, China posted a trade surplus of $112.5 billion in July.
By country, exports to the United States rose 17.0% from a year earlier to $41.9344 billion, while imports from the United States increased 15.3% to $13.9334 billion.
Trade growth with South Korea was even more striking. China's exports to South Korea rose 46.6% year on year to $18.1195 billion.
Imports from South Korea, meanwhile, surged 97.78% to $31.046 billion, nearly doubling from a year earlier.
For the January-July period, China's exports to South Korea were up 33.3%, while imports from South Korea rose 67.0%.
Market watchers say the increase was driven largely by stronger imports of South Korean semiconductors and key materials needed to expand production of AI servers, high-bandwidth memory (HBM), and advanced semiconductors.
Rare earth exports, which China strategically controls, continued to decline. Last month's rare earth export volume fell 29.5% from a year earlier to 4,223.5 tons, the lowest level in four months.

[email protected] Kim Kyung-min Reporter