Key facts
- South Korea's monthly exports exceeded $100 billion in June for the first time.
- Monthly exports surged 70.9% 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.
- The main opposition People Power Party boycotted the vote for Prime Minister.
- Han Seong-sook is the former CEO of Naver.
- The National Assembly elected 11 committee chiefs.
- The main opposition People Power Party boycotted the committee chair election.
- Google is accused of abusing its dominant position in the Android app marketplace by South Korea's antitrust regulator.
- The alleged abuse by Google may have affected $9.1 billion in revenue.
South Korea's monthly exports achieved a record high in June, surpassing $100 billion for the first time, driven by robust global demand for semiconductors. Outbound shipments experienced a significant year-on-year surge of 70.9%, while imports increased by 30.1%, leading to a substantial trade surplus.
In political developments, Han Seong-sook has been confirmed as the new Prime Minister by South Korea's National Assembly. The confirmation motion passed with 166 out of 167 lawmakers present voting in favor. However, lawmakers from the main opposition People Power Party boycotted the vote, expressing their disapproval and deeming her unfit for the position. Han, who previously served as the CEO of Naver and as minister for small and medium enterprises, faces scrutiny over a data leak scandal and property sales. Upon her confirmation, Prime Minister Han vowed to align government policy with the pace of the private sector, intending to use her IT background to promote innovation and investment, particularly in artificial intelligence.
Further complicating the political landscape, rival parties failed to reach an agreement on the formation of parliamentary standing committees. The ruling Democratic Party intends to unilaterally elect 11 committee chiefs, including the chair of the legislation and judiciary committee, during a plenary session. This action was criticized by the main opposition People Power Party, which boycotted the session and signaled a commitment to non-cooperation.
In a separate development, South Korea's antitrust regulator has accused Alphabet's Google of abusing its dominant position in the Android app marketplace. The regulator alleges that Google's practices may have hindered competition and affected an estimated $9.1 billion in revenue. The regulator plans to recommend corrective measures and a financial penalty against Google.