Key facts
- South Korea's monthly exports surpassed $100 billion in June for the first time.
- Monthly exports surged 70.9% year-on-year in June.
- Imports rose 30.1% year-on-year in June.
- Han Seong-sook was confirmed as Prime Minister by South Korea's National Assembly.
- 166 out of 167 lawmakers present voted in favor of Han Seong-sook's confirmation.
- Lawmakers from the People Power Party boycotted the confirmation vote.
- Han Seong-sook is the former CEO of Naver.
- Han Seong-sook previously served as minister for small and medium enterprises.
- Han Seong-sook faces scrutiny over a data leak scandal and property sales.
- The ruling Democratic Party plans to unilaterally elect 11 committee chiefs.
- Rival parties failed to agree on the formation of parliamentary standing committees.
South Korea achieved a historic milestone in June, with monthly exports exceeding $100 billion for the first time. This record performance was primarily driven by strong global demand for semiconductors. Overall outbound shipments saw a significant year-on-year increase of 70.9%, while imports grew by 30.1%, contributing to a substantial trade surplus.
In parallel political developments, South Korea's National Assembly confirmed Han Seong-sook as the new Prime Minister. The confirmation motion passed with a near-unanimous vote of 166 in favor out of 167 lawmakers present. However, lawmakers from the main opposition People Power Party boycotted the session, arguing that Han Seong-sook, the former CEO of Naver, is unfit for the position. Han has faced scrutiny regarding a data leak scandal and her property sales.
Further political friction arose as the ruling Democratic Party and the main opposition People Power Party failed to reach an agreement on the formation of parliamentary standing committees. The Democratic Party, which controls the National Assembly, intends to unilaterally elect 11 committee chiefs. This includes the chair of the crucial legislation and judiciary committee, which is scheduled for a plenary session vote. The People Power Party criticized this move, boycotting the session and signaling a commitment to non-cooperation with the ruling party's agenda.