Goldman Sachs South Korea Tech: June 2026 Export Tracker — Record High Memory and MLCC Exports
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Goldman Sachs reports that June 2026 export data for South Korea's technology sector reveals all-time highs in both memory and multi-layer ceramic capacitor (MLCC) shipments, driven by robust AI demand. Memory exports surged 280% year-over-year, marking the fifth consecutive month above 200% growth. Specifically, DRAM exports skyrocketed 380%, a record high, while NAND and SSD exports grew 301% and 355%, respectively.
MLCC exports accelerated to 31% year-over-year growth, up from 14% in May, fueled by strong AI server and automotive demand. Goldman's analysts project Samsung Electro-Mechanics will report 22% year-over-year MLCC revenue growth for the second quarter. Meanwhile, OLED exports rose 38%, and lithium battery exports gained 8%.
A critical forward-looking indicator shows that plastic film imports at Samsung Electronics HBM production facilities jumped 76% year-over-year in May, suggesting continued high-bandwidth memory production ramp-ups. Wafer fabrication equipment (WFE) demand also remained highly elevated, with exports and imports growing 79% and 54% respectively.
Goldman Sachs expects Samsung Electronics to report 452% year-over-year memory revenue growth for the second quarter of 2026, encompassing 502% DRAM growth and 355% NAND growth. Ratings reflect this positive trajectory: Samsung Electronics is rated Buy with a target price of 480,000 KRW, Samsung Electro-Mechanics is rated Buy with a 1,000,000 KRW target, and LG Display is rated Neutral with a 13,500 KRW target.
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