SEOUL / RankWire.AI / – South Korea’s outbound shipments rose 68.7% year-on-year in August, reaching $98.25 billion. This growth was fueled by ongoing global demand for high-performance memory chips and artificial intelligence infrastructure. Official data from the Ministry of Trade, Industry and Resources shows imports increased 22.5% to $63.51 billion during the same period, resulting in a monthly trade surplus of $34.75 billion. This marks the 15th month in a row of sustained trade expansion for Asia’s fourth-largest economy.
Exports of semiconductors, which are the main drivers of Korea’s trade success, jumped 209% year-on-year to a record high of $46.65 billion. Growth in chip shipments was supported by continued capital spending among global tech giants expanding data center networks and AI hardware. This is the third month in a row where semiconductor exports exceeded $40 billion. The Yonhap News Agency noted that exports of computer products increased 419.5% to $6.24 billion, driven by rising NAND memory prices worldwide.
Trade Data Confirms August Trade Surplus of $34.75 Billion
Energy and chemical sectors also added to the overall gains. Petroleum product exports rose 65.3% year-on-year to $6.84 billion, while petrochemical exports increased 12.2% to $3.86 billion. Higher global crude oil prices supported higher unit prices across export categories. In contrast, automobile exports fell 29.8% to $3.85 billion. Officials attributed the decline to seasonal shutdowns, revised holiday schedules at major auto plants, and local labor disputes.
Looking at regional data, exports to key trading partners showed widespread growth. Shipments to China soared 119.3% year-on-year to $24.1 billion, supported by high-volume memory chip and industrial machinery exports. The U.S. saw an 89.3% increase to $16.5 billion, driven by strong demand for enterprise hardware and advanced semiconductors. The Trade Ministry reports that Korea’s exports increased in seven of its nine main regional markets during August.
Record High Monthly Volumes of Computer Equipment Shipments
Trade Minister Kim Jung-kwan said that non-semiconductor exports rose 20% overall, reflecting a broader recovery in secondary sectors. Besides core tech components, secondary battery exports grew 24% to $600 million. Biohealth shipments increased 22.3% to an all-time high of $1.41 billion thanks to expanded contracts in Europe. Korea’s August exports jumped 68.7% to $98.25 billion as officials monitor changes in foreign trade policies and global supply chains.
Average daily export values, adjusted for working days, rose 72.5% year-on-year to $4.47 billion. This is the fourth month in a row that daily exports surpassed $4 billion. Analysts believe that demand for global technology hardware will keep export momentum strong into the last quarter of the year. After September’s data is compiled, government financial institutions will release the final quarterly trade balance reports.