South Korea Gets Richer Amid Global Crisis

A global memory chip shortage has hit the consumer electronics industry, including smartphones, laptops, and gaming consoles. The crisis is a knock-on effect of the artificial intelligence (AI) boom, which has triggered an imbalance between the supply and demand for memory chips across various sectors.

South Korea, home to memory chip giants Samsung Electronics and SK Hynix, has reaped the benefits of surging demand. In the first 20 days of July 2026, the country’s exports soared 52.3% year-on-year.

Chip shipments nearly tripled as the AI explosion continued, according to data from the Korea Customs Service released on Tuesday (21/7/2026). The value of exports reached US$54.9 billion (Rp982 trillion) during the period, compared to US$36 billion (Rp644 trillion) recorded in the same period last year.

Imports also rose 20% year-on-year to US$42.7 billion (Rp764 trillion), resulting in a trade surplus of US$12.2 billion (Rp218 trillion).

By sector, semiconductor exports led the overall increase with a 180% surge to US$22.1 billion (Rp395 trillion). The chip industry is widely regarded as South Korea’s most powerful money-making engine at present.

Overseas shipments of petroleum products rose 33.4% to US$3.41 billion (Rp61 trillion), while automobile exports fell 10.6% to US$3.24 billion (Rp57 trillion). Exports of steel and ships increased 11.1% and 70.8% to US$2.64 billion (Rp47 trillion) and US$2.44 billion (Rp43 trillion), respectively.