SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments experienced a significant increase of 68.7% year-on-year in August, reaching $98.25 billion. This surge was fueled by sustained global demand for high-performance memory chips and artificial intelligence infrastructure. Data issued by the Ministry of Trade, Industry and Resources showed that imports also grew by 22.6% over the same period to $63.51 billion, resulting in a monthly trade surplus of $34.75 billion. Korea’s August exports rose 68.7% to $98.25 billion, marking the 15th consecutive month of trade expansion for Asia’s fourth-largest economy.
Leading the trade growth was the semiconductor sector, which saw exports skyrocket 209% year-on-year to an all-time high of $46.65 billion. The growth in chip shipments was driven by ongoing capital expenditure initiatives among major global technology firms, expanding data center networks and enterprise AI hardware deployments. This marks the third straight month where semiconductor exports exceeded the $40 billion mark. Additional reports from the Yonhap News Agency indicated that exports of computer products increased by 419.5% to $6.24 billion, supported by elevated global NAND memory prices.
Korea’s August Trade Surges 68.7% on Semiconductor Export Boom
The energy and chemical industries also contributed significantly to the overall growth. Petroleum product exports rose 65.3% year-on-year to $6.84 billion, while petrochemical exports increased by 12.2% to $3.86 billion. Rising global crude oil prices provided price support across various refined product categories. In contrast, automobile exports declined by 29.8%, totaling $3.85 billion. Officials attributed this decline to temporary seasonal manufacturing shutdowns, revised summer holiday schedules at key domestic auto plants, and localized labor disputes.
From a geographic perspective, exports to major trading partners showed widespread growth. Shipments to China jumped 119.3% year-on-year to $24.1 billion, driven by high-volume exports of memory chips and industrial machinery. Exports to the United States also grew substantially, up 89.3% to $16.5 billion, supported by strong demand for enterprise computing hardware and advanced semiconductors. According to trade ministry data, Korean exporters maintained positive growth in seven of the nation’s nine primary regional markets during August.
Memory Chip Pricing Drives Overall Export Growth
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that exports excluding semiconductors increased by 20%, indicating a broader recovery in secondary export sectors. Beyond core technology components, secondary battery exports rose 24% to $600 million, while biohealth shipments grew by 22.3% to a record $1.41 billion on expanded supply contracts across Europe. Korea’s August exports surged 68.7% to $98.25 billion, as government trade officials continue to monitor shifts in foreign trade policies and global supply chain dynamics.
Average daily export values, adjusted for working days, rose 72.5% year-on-year to $4.47 billion. This marks four consecutive months of daily export values surpassing the $4 billion mark. Analysts expect this momentum to persist, supported by ongoing demand for global technology hardware entering the final quarter of the year. The government’s financial institutions will release final quarterly trade balance summaries following the completion of September data collection efforts.