SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments experienced a remarkable increase of 68.7% year-on-year in August, reaching $98.25 billion. This surge was largely fueled by persistent global demand for high-performance memory chips and infrastructure supporting artificial intelligence. Data issued by the Ministry of Trade, Industry and Resources revealed that imports also grew by 22.6% over the same period, totaling $63.51 billion, which resulted in a monthly trade surplus of $34.75 billion. Korea’s August exports rose by 68.7% to $98.25 billion, extending Asia’s fourth-largest economy’s streak of trade expansion for a 15th straight month.
At the core of the country’s export success were semiconductor shipments, which skyrocketed 209% year-on-year to a record-high $46.65 billion. The increase in chip exports was driven by sustained capital expenditure efforts among leading global technology firms, focusing on expanding data center capacities and deploying enterprise AI hardware. This marks the third consecutive month in which semiconductor exports have surpassed the $40 billion mark. Additionally, information from the Yonhap News Agency indicated that exports of computer products surged 419.5% to $6.24 billion, largely due to elevated global NAND memory prices.
Korea’s August Exports Climb 68.7% to $98.25 Billion, Led by Semiconductor Surge
Energy and chemical sectors also played a significant role in boosting overall export figures. Petroleum product exports increased 65.3% year-on-year to $6.84 billion, while petrochemical exports rose by 12.2% to $3.86 billion. The boost in global crude oil prices contributed to higher unit prices across various refined export categories. Meanwhile, automobile exports decreased 29.8%, amounting to $3.85 billion. Officials explained that this decline was due to temporary seasonal manufacturing shutdowns, adjustments in summer holiday schedules at major domestic auto plants, and localized labor disputes affecting production schedules.
Regionally, outbound shipments to key trading partners showed widespread growth. Exports to China jumped 119.3% year-on-year to $24.1 billion, supported by large-volume shipments of memory chips and industrial machinery. Shipments to the United States increased 89.3% to $16.5 billion, driven by strong demand for enterprise computing hardware and advanced semiconductors. Data from the trade ministry indicated that Korea’s exporters maintained positive growth in seven of the country’s nine primary regional markets during August.
Rising Memory Chip Prices Bolster Overall Export Growth
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that exports of non-semiconductor products also saw overall growth of 20%, reflecting a broader recovery across other secondary export industries. Besides core technology components, exports of secondary batteries increased 24% to $600 million, while biohealth shipments rose 22.3% to a record $1.41 billion, supported by expanded supply contracts across Europe. Korea’s August exports rose by 68.7% to $98.25 billion as officials continue to monitor the evolving landscape of international trade policies and global supply chain challenges.
Adjusted for working days, the daily average export value climbed 72.5% year-on-year to $4.47 billion. This marks four straight months exceeding the $4 billion mark daily. Analysts predict that export momentum will remain supported by ongoing global demand for technology hardware as the year moves into its final quarter. The government’s financial institutions are expected to release detailed quarterly trade balance reports after the September data collection is finalized.