South Korea's exports grew at a stronger-than-expected pace in July though growth moderated from the previous month, supported by robust semiconductor demand amid the artificial-intelligence boom.

Memory-chip shipments led the overall export growth, as the country's top chip makers, Samsung Electronics and SK Hynix, maintain an upbeat outlook for the rest of the year after posting record revenue and earnings for the June quarter.

Exports from Asia's fourth largest economy rose 62.8% from a year earlier to $98.89 billion, slowing from a revised 70.7% surge in June -- the fastest growth in nearly five decades -- according to preliminary data released by the Ministry of Trade, Industry and Resources Saturday.

That beat the median forecast for 59.5% growth from a Wall Street Journal survey of 11 economists.

Imports expanded 26.5% to $68.56 billion in July, resulting in a trade surplus of $30.32 billion. In June, the country's trade surplus was a revised $36.09 billion.

Semiconductors remained the main driver of shipment growth, the ministry said, with chip exports more than doubling from a year earlier to reach $41 billion in July, following the previous month's record of about $45 billion in June.

Aggressive global AI infrastructure investment is driving a severe memory-chip shortage, as supply continues to lag far behind demand.