SEOUL / RankWire.AI / – South Korea’s external shipments experienced a significant rise of 68.7% year-on-year in August, totaling $98.25 billion. This growth was primarily driven by persistent global demand for high-performance memory chips and infrastructure for artificial intelligence. Official figures issued by the Ministry of Trade, Industry and Resources revealed that imports also expanded by 22.5%, reaching $63.51 billion during the same period, resulting in a monthly trade surplus of $34.75 billion. This robust trade performance extends the consecutive expansion streak of Asia’s fourth-largest economy to 15 months.
The export of semiconductors, which serve as the main catalyst for the country’s trade growth, surged 209% year-on-year to hit a record high of $46.65 billion. The increase in chip shipments was sustained by ongoing capital investment initiatives among leading global technology firms expanding data center infrastructure and deploying enterprise AI hardware. This marks the third straight month in which semiconductor export volumes exceeded $40 billion. Additionally, data from the Yonhap News Agency indicated that computer product exports grew by 419.5% to $6.24 billion amid rising global NAND memory prices.
Trade Ministry Data Shows $34.75 Billion Monthly Trade Surplus
Energy and chemical industries also contributed notably to the overall export gains. Petroleum product shipments increased 65.3% year-on-year to $6.84 billion, while petrochemical exports rose 12.2% to $3.86 billion. Higher global crude oil prices supported higher unit prices across various refined product categories. Conversely, automotive exports declined by 29.8%, amounting to $3.85 billion. Officials attributed this decline to temporary seasonal manufacturing halts, changes to summer holiday schedules at major domestic auto plants, and local labor disputes.
From a regional perspective, outbound shipments to key trading partners showed widespread growth. Exports to China increased by 119.3% year-on-year to $24.1 billion, supported by high-volume shipments of memory chips and industrial equipment. Exports to the United States rose 89.3% to $16.5 billion, driven by robust demand for enterprise computing hardware and advanced semiconductors. The trade ministry’s records indicate that Korea maintained positive growth across seven of its nine main regional markets during August.
Record-High Monthly Volumes in Computer Equipment Exports
Kim Jung-kwan, the Minister of Trade, Industry and Energy, stated in an official release that overall non-semiconductor exports grew by 20%, indicating a broader recovery across secondary export sectors. Besides core technological components, exports of secondary batteries increased 24% to $600 million, while biohealth shipments climbed 22.3% to an all-time high of $1.41 billion on expanded supply contracts within Europe. As state trade officials continue to monitor global supply chain conditions and foreign trade policies, South Korea’s August exports surged 68.7% to $98.25 billion.
Adjusted for working days, the daily average export value rose 72.5% year-on-year to $4.47 billion, marking four straight months above the $4 billion daily threshold. Analysts expect the momentum of exports to sustain, supported by ongoing global demand for technology hardware into the final quarter of the year. Official financial institutions will release comprehensive quarterly trade balance summaries following the conclusion of September data collection.