S. Korea's August Exports Surge 68.7% to US$98.25 Billion on Strong Chip Demand
South Korea's exports jumped 68.7 percent in August to US$98.25 billion, led by a 209 percent surge in semiconductor shipments driven by global AI infrastructure investment, data showed Tuesday.
Imports climbed 22.6 percent on-year to US$63.51 billion, resulting in a trade surplus of US$34.75 billion.
By sector, semiconductor exports, a key pillar of Asia's fourth-largest economy, soared 209 percent during the period to US$46.65 billion, as major technology companies known as hyperscalers, including Google and Amazon, stepped up spending on artificial intelligence infrastructure. Semiconductor exports topped US$40 billion for a third consecutive month.
Exports of petroleum products jumped 65.3 percent to US$6.84 billion, while those of petrochemical products rose 12.2 percent to US$3.86 billion. Automobile exports, however, fell 29.8 percent to US$3.85 billion, hit by fewer working days during the summer holiday season and production disruptions caused by partial strikes over wage increases.
By destination, exports to China shot up 119.3 percent to US$24.1 billion, driven by strong shipments of semiconductors and general machinery. Exports to the United States advanced a brisk 89.3 percent to US$16.5 billion, mainly on triple-digit growth in shipments of semiconductors and computers. Exports to Southeast Asian countries rose 75.4 percent to US$19.09 billion, while those to the European Union gained 14.6 percent to US$6.62 billion, both driven by robust chip demand.
Industry Minister Kim Jung-kwan said semiconductor exports remain strong, while shipments of non-semiconductor products also grew 20 percent, indicating that the country's export base is broadening. He stressed that the government will closely monitor the impact of changes in the global trade environment on Korean companies' exports and will not become complacent about the current strong export performance.