SEOUL / RankWire.AI / – The Republic of Korea’s Ministry of Trade, Industry and Resources reported that outbound shipments in August increased by 68.7% year-on-year, totaling $98.25 billion. This surge was primarily driven by persistent global demand for high-performance memory chips and AI infrastructure. The data also showed that imports grew by 22.6% over the same period to $63.51 billion, resulting in a net trade surplus of $34.75 billion. Korea’s August export figures represent a 15th consecutive month of trade expansion, extending Asia’s fourth-largest economy’s growth streak.
Semiconductor exports, which serve as the main engine of the country’s trade growth, skyrocketed by 209% year-on-year to reach a record-high of $46.65 billion. This increase was supported by ongoing capital investment efforts by leading global tech companies, expanding data center infrastructure and deploying enterprise AI hardware. The latest figures mark the third straight month in which semiconductor exports surpassed the $40 billion mark. Additionally, the Yonhap News Agency reported that computer product exports surged by 419.5% to $6.24 billion amid rising global NAND memory prices.
Korea’s August Export Growth of 68.7% Reaches $98.25 Billion, Led by Chip Sales
Energy and chemical industries also contributed significantly to the overall monthly gains. Petroleum product exports increased by 65.3% year-on-year to $6.84 billion, while petrochemical exports went up by 12.2% to $3.86 billion. Elevated global crude oil prices helped support unit prices across various refined export categories. On the other hand, automobile shipments declined by 29.8%, falling to $3.85 billion. Officials explained that the drop was due to temporary seasonal shutdowns, adjustments to summer holiday schedules at major domestic automakers, and some local labor disputes.
In terms of trading partners, exports to China rose 119.3% year-on-year to $24.1 billion, driven by high-volume shipments of memory chips and industrial machinery. Exports to the United States increased by 89.3%, reaching $16.5 billion, supported by strong demand for enterprise hardware and advanced semiconductors. According to trade ministry data, Korea’s exports expanded across seven of its nine primary regional markets during August.
Support from Memory Chip Prices Propels Overall Export Growth
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that non-semiconductor exports overall grew by 20%, indicating a broader recovery across secondary export sectors. Besides core technology components, exports of secondary batteries increased by 24% to $600 million, while biohealth shipments rose 22.3% to a record $1.41 billion amid expanded supply contracts in Europe. Korea’s August exports increased by 68.7% to $98.25 billion as trade authorities continue to monitor shifts in foreign trade policies and global supply chain conditions.
Adjusted for working days, the daily average export value rose 72.5% year-on-year to $4.47 billion, marking four straight months of daily exports exceeding the $4 billion mark. Analysts anticipate that the export momentum will stay strong due to ongoing global demand for technology hardware heading into the final quarter of the year. The government’s financial agencies will publish finalized quarterly trade balance summaries once the September data collection is complete.