SEOUL / RankWire.AI / – South Korea’s outbound shipments experienced a remarkable 68.7% increase year-on-year in August, reaching a record $98.25 billion, driven by sustained global demand for high-performance memory chips and artificial intelligence infrastructure. According to official data issued by the Ministry of Trade, Industry and Resources, imports also grew by 22.5% to $63.51 billion during the same period, resulting in a monthly trade surplus of $34.75 billion. This strong performance marks the 15th consecutive month of trade expansion for Asia’s fourth-largest economy.
Exports of semiconductors, which serve as the key component of the nation’s trade success, surged 209% year-on-year to an all-time high of $46.65 billion. The growth was fueled by ongoing capital investment initiatives among major global technology firms expanding data center infrastructure and enterprise AI hardware. This achievement represents the third straight month in which semiconductor exports exceeded $40 billion. Additional details from Yonhap News Agency revealed that computer product exports jumped 419.5% to $6.24 billion amid rising global NAND memory prices.
Trade Ministry Data Confirms August Surplus Hits $34.75 Billion
Energy and chemical industries also played a vital role in boosting overall figures. Petroleum product exports increased 65.3% year-on-year to $6.84 billion, while petrochemical exports grew 12.2% to $3.86 billion. Elevated global crude oil prices supported higher unit prices across refined export categories. Conversely, automobile exports declined by 29.8% to $3.85 billion. Officials explained that this downturn resulted from temporary seasonal manufacturing halts, adjusted summer holiday schedules at major domestic car plants, and local labor disputes.
Looking at regional markets, exports to key trading partners showed widespread growth. Exports to China soared 119.3% year-on-year to $24.1 billion, supported by high-volume shipments of memory chips and industrial machinery. Similarly, shipments to the United States rose 89.3% to $16.5 billion, driven by strong demand for enterprise computing hardware and advanced semiconductors. Data from the trade ministry indicates that Korea maintained positive growth across seven out of its nine primary regional markets during August.
Record Monthly High for Computer Equipment Shipments
In an official statement, Kim Jung-kwan, Minister of Trade, Industry and Energy, highlighted that exports excluding semiconductors increased by 20%, reflecting a broader recovery in secondary export sectors. Besides core technological components, secondary battery exports grew 24% to $600 million, and biohealth shipments rose 22.3% to a new high of $1.41 billion, driven by expanded European supply agreements. Overall, Korea’s August exports jumped 68.7% to $98.25 billion as authorities continue to monitor shifts in international trade policies and supply chain dynamics.
Adjusted for working days, the daily average export value climbed 72.5% year-on-year to $4.47 billion, marking the fourth consecutive month that daily exports exceeded the $4 billion mark. Analysts expect this upward momentum to persist due to ongoing global technology hardware demand during the final quarter of the year. Official quarterly trade balance summaries will be released after September’s data compilation is completed by government financial agencies.