Huatai Securities: The strong growth in South Korea's exports indicates that the global AI supply chain trade remains on an upward trajectory, and the Asian AI supply chain is expected to continue benefiting.

Golden Ten Data reported on July 6 that a research report from Huatai Securities indicated that the high prosperity of AI supply chain exports continued to drive South Korea's June exports to far exceed expectations, with the trade surplus reaching a new historical high. Looking ahead, leading indicators show that AI supply chain trade remains in strong growth, and South Korea's exports are expected to maintain their outstanding performance, possibly supporting a relatively high growth rate for South Korea's nominal GDP. In the short term, the Philadelphia Semiconductor Index, which leads South Korean semiconductor exports by about four months, remains at a high year-on-year level, suggesting that the boom in South Korean semiconductor exports is likely to continue. Meanwhile, amid strong AI demand, memory prices are still rising and will continue to support nominal exports. The high growth of South Korean exports indicates that global AI supply chain trade is still on an upward trajectory, with South Korea, China, and other Asian AI supply chains likely to continue benefiting.