Goldman Sachs: July 21, 2026 | 11:05 AM KST
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Key Views
Semiconductor exports remained broadly resilient, edging down just 0.3% after nine months of strong gains. However, non-chip tech exports dropped 11.2%, with computers contracting 23.1%. Non-tech exports fell 5.6%, led by broad weakness in petroleum products, steel, automobiles, and auto parts. Exports to the U.S. and Taiwan declined 10.4% and 28.4% respectively, together accounting for roughly two-thirds of the overall sequential decline.
Outlook
The report frames this as a modest correction but flags the need to monitor whether weakness persists through full-month data. A key focus is whether semiconductor resilience can continue offsetting deterioration in other tech and non-tech categories. The seasonally unadjusted trade surplus narrowed from June's record of $17.2 billion to $12.2 billion. No full-month forecast, target, or longer-term quantitative outlook is provided.
Recommended Securities
No specific companies, ratings, price targets, or recommendations are given; the analysis is confined to Korean macro export data.
Key exhibits
Exhibit 1
