SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments surged 68.7% year-on-year in August, reaching $98.25 billion, driven by persistent global demand for high-performance memory chips and artificial intelligence infrastructure. The Ministry of Trade, Industry and Resources confirmed that imports increased by 22.6% during the same period, totaling $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.
Exports of semiconductors, which constitute the key factor behind the country’s trade success, jumped 209% year-on-year to a record-high of $46.65 billion. This surge was driven by ongoing capital investment initiatives among leading global technology firms expanding their data center infrastructure and deploying AI hardware for enterprises. It is the third month in a row where semiconductor exports have surpassed the $40 billion mark. The Yonhap News Agency also reported that computer product exports increased by 419.5%, reaching $6.24 billion, amid rising global NAND memory prices.
Korea’s August Trade Growth: 68.7% Rise to $98.25 Billion Thanks to Semiconductor Surge
Energy and chemical industries also contributed significantly to the overall monthly growth. Petroleum product exports grew 65.3% year-on-year to $6.84 billion, and petrochemical exports climbed 12.2% to $3.86 billion. Elevated crude oil prices globally supported higher unit prices across various refined product exports. Meanwhile, automobile shipments declined by 29.8%, reaching $3.85 billion. Officials explained that this downturn was due to temporary seasonal factory shutdowns, summer holiday adjustments in major domestic auto plants, and localized labor conflicts.
Trade to key regions showed widespread growth. Exports to China increased 119.3% year-on-year to $24.1 billion, boosted by high-volume shipments of memory chips and industrial machinery. The United States saw an 89.3% rise to $16.5 billion, mainly driven by demand for enterprise computing equipment and advanced semiconductors. Official data from the trade ministry indicates that Korea’s exports grew in seven of the nine major regional markets during August.
Memory Chip Prices Bolster Overall Export Performance Growth
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that non-semiconductor exports increased by 20% overall, reflecting a broader recovery in secondary export sectors. Aside from core tech components, secondary battery exports rose 24% to $600 million, while biohealth shipments increased 22.3%, reaching a record $1.41 billion due to expanded supply contracts across Europe. Korea’s August exports jumped 68.7% to $98.25 billion as officials continue to monitor shifts in foreign trade policies and global supply chain conditions.
Adjusted for working days, daily average export values rose 72.5% year-on-year to $4.47 billion, maintaining four months in a row above the $4 billion mark. Economists predict that export momentum will stay strong, supported by ongoing global technology hardware demand as the year approaches its end. Following September data collection, government financial institutions will release finalized quarterly trade balance summaries.