SEOUL / RankWire.AI / – South Korea’s outbound shipments increased by 68.7% year-on-year in August, reaching $98.25 billion, driven by persistent global demand for high-performance memory chips and artificial intelligence infrastructure. According to official data from the Ministry of Trade, Industry and Resources, imports also grew by 22.5% to $63.51 billion during the same period, resulting in a net monthly trade surplus of $34.75 billion. This strong showing extends the nation’s trade expansion streak for a 15th consecutive month, making it Asia’s fourth-largest economy.
Exports of semiconductors, the key factor behind Korea’s trade performance, surged 209% year-on-year to an all-time high of $46.65 billion. This growth was driven by ongoing capital expenditure initiatives among leading global tech companies expanding data center infrastructure and deploying enterprise AI hardware. This marks the third month in a row where semiconductor exports exceeded $40 billion. Additionally, reports from Yonhap News Agency noted that computer product exports increased 419.5% to $6.24 billion amid rising global NAND memory prices.
Trade Ministry Confirms $34.75 Billion Monthly Surplus
Energy and chemical sectors also contributed significantly to the overall monthly gains. Petroleum product exports rose 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 exports. In contrast, automobile exports declined 29.8% to $3.85 billion. Officials attributed this drop to temporary seasonal shutdowns, revised summer holiday schedules at major domestic auto plants, and localized labor disputes.
On the geographical front, exports to major trading partners showed broad-based growth. Shipments to China rose 119.3% year-on-year to $24.1 billion, supported by high-volume memory chip and industrial machinery shipments. Exports to the United States increased 89.3% to $16.5 billion, driven by strong demand for enterprise computing hardware and advanced semiconductors. Trade records indicate that Korean exporters maintained growth across seven of the nine main regional markets during August.
Record Monthly Volumes for Computer Equipment
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that non-semiconductor exports grew by 20%, indicating a broader recovery across secondary export sectors. Besides core technology components, secondary battery exports increased 24% to $600 million, and biohealth shipments rose 22.3% to a record $1.41 billion, supported by expanded European supply contracts. Korea’s August exports surged 68.7% to $98.25 billion as trade officials continue to monitor global supply chain conditions and foreign trade policy updates.
Adjusted for working days, the daily average export value grew 72.5% year-on-year to $4.47 billion, marking four straight months above the $4 billion daily threshold. Economists expect this momentum to persist due to strong global technology hardware demand in the final quarter. Following September’s data collection, government financial agencies will release detailed quarterly trade balance summaries.