SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments experienced a 68.7% year-on-year increase in August, reaching $98.25 billion, driven by persistent global demand for high-performance memory chips and artificial intelligence infrastructure. Data from the Ministry of Trade, Industry and Resources revealed that imports also rose 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 surged 68.7% to $98.25 billion, marking the 15th consecutive month of trade expansion for Asia’s fourth-largest economy.
The main contributor to this trade growth was semiconductor exports, which increased 209% year-on-year to reach a record high of $46.65 billion. This growth was fueled by ongoing capital expenditure initiatives among leading global tech companies expanding data center infrastructure and deploying enterprise AI hardware. It also marked the third straight month where semiconductor shipments exceeded the $40 billion mark. Additionally, the Yonhap News Agency noted that computer product exports jumped 419.5% to $6.24 billion amid rising global NAND memory prices.
Korea’s August Trade Surges 68.7% to $98.25 Billion Driven by Semiconductor Exports
Other sectors, such as energy and chemicals, contributed significantly to the overall monthly gains. 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 product categories. In contrast, automobile exports declined by 29.8%, totaling $3.85 billion. Officials explained that the downturn was due to temporary seasonal plant shutdowns, revised summer holiday schedules at major domestic auto factories, and localized labor disputes.
From a geographical perspective, outbound shipments to key trading partners showed widespread growth. Exports to China jumped 119.3% year-on-year to $24.1 billion, bolstered by high-volume shipments of memory chips and industrial machinery. Exports to the United States grew by 89.3% to $16.5 billion, driven by strong demand for enterprise computing hardware and advanced semiconductors. The trade ministry data indicated that Korean exporters maintained growth in seven of the country’s nine main regional markets during August.
Memory Chip Prices Bolster Overall Export Figures
Kim Jung-kwan, the Minister of Trade, Industry and Energy, stated in an official release that non-semiconductor exports increased by 20%, indicating a broader recovery across secondary export sectors. Besides core technology components, secondary battery shipments grew 24% to $600 million, while biohealth exports rose 22.3% to a record $1.41 billion amid expanded European supply contracts. As Korea’s August exports reached $98.25 billion with a 68.7% rise, trade officials continue to monitor shifts in global supply chains and foreign trade policies.
Adjusted for working days, the daily average export value climbed 72.5% year-on-year to $4.47 billion, marking the fourth month in a row that daily exports stayed above the $4 billion mark. Analysts expect this momentum to persist, supported by ongoing global technology hardware demand during the final quarter. The government’s financial institutions will release detailed quarterly trade balance summaries after completing September data collection.