SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments experienced a significant increase of 68.7% year-on-year in August, reaching a total of $98.25 billion. This growth was primarily fueled by steady global demand for high-performance memory chips and artificial intelligence infrastructure. Data from the Ministry of Trade, Industry and Resources showed that imports also grew 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 by 68.7% to $98.25 billion, marking the 15th straight month of trade expansion for Asia’s fourth-largest economy.
The semiconductor sector, which is the backbone of Korea’s trade performance, soared 209% year-on-year to hit a record high of $46.65 billion. This surge was driven by ongoing capital investments from major global tech companies expanding data center networks and deploying enterprise AI hardware. The figures represent the third consecutive month where semiconductor exports surpassed the $40 billion mark. Additionally, the Yonhap News Agency highlighted that computer product exports increased by 419.5% to $6.24 billion, benefiting from elevated global NAND memory prices.
Korea’s August Trade Growth Surges 68.7% to $98.25 Billion Fueled by Chip Export Boom
Energy and chemical exports also contributed to the overall monthly gains. Petroleum product exports rose 65.3% year-on-year to $6.84 billion, while petrochemical exports increased 12.2% to $3.86 billion. The rise in global crude oil prices supported higher unit prices across refined product categories. Conversely, automobile exports declined by 29.8% to $3.85 billion. Officials explained that the drop was due to temporary seasonal manufacturing shutdowns, revised summer holiday schedules at major domestic auto plants, and local labor disputes.
Looking at regional data, outbound shipments to key trading partners showed broad-based growth. Exports to China jumped 119.3% year-on-year to $24.1 billion, supported by large-volume shipments of memory chips and industrial machinery. Exports to the United States increased by 89.3% to $16.5 billion, driven by strong demand for enterprise hardware and advanced semiconductors. Official records indicate that Korea’s exporters maintained growth in seven of the nine major regional markets during August.
Memory Chip Prices Bolster Overall Export Growth
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that non-semiconductor exports rose by 20%, indicating a broader recovery across secondary export sectors. Besides core technology components, secondary battery shipments increased 24% to $600 million, while biohealth exports grew 22.3% to reach a record $1.41 billion, supported by expanded European supply contracts. Korea’s August exports advanced by 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, the daily average export value climbed 72.5% year-on-year to $4.47 billion. This marks four straight months above the $4 billion daily level. Analysts expect this momentum to persist, supported by ongoing global technology hardware demand in the final quarter of the year. The government’s financial institutions will release finalized quarterly trade balance summaries after completing September’s data collection.