SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments experienced a 68.7% year-on-year increase in August, totaling $98.25 billion. This surge was primarily fueled by persistent global demand for high-performance memory chips and artificial intelligence infrastructure. Data from the Ministry of Trade, Industry and Resources confirmed that imports also increased by 22.6% during the same period, reaching $63.51 billion, resulting in a monthly trade surplus of $34.75 billion. Korea’s August exports rose 68.7% to $98.25 billion, marking the 15th consecutive month of trade expansion for Asia’s fourth-largest economy.
The rise in semiconductor exports, which play a central role in the nation’s trade performance, soared 209% year-on-year to a record high of $46.65 billion. This growth was driven by sustained capital expenditure by major global technology firms expanding data center networks and deploying enterprise AI hardware. Notably, this marks the third straight month in which semiconductor export volumes have surpassed the $40 billion mark. Additional data from the Yonhap News Agency indicated that exports of computer products surged 419.5% to $6.24 billion amid elevated NAND memory prices worldwide.
Korea’s August Exports Hit $98.25 Billion, Boosted by Semiconductor Sector
Energy and chemical industries also contributed significantly to the overall monthly growth. Exports of petroleum products increased 65.3% year-on-year to $6.84 billion, while petrochemical exports rose 12.2% to $3.86 billion. Elevated global crude oil prices supported higher unit prices across refined product categories. Conversely, automotive exports declined by 29.8%, totaling $3.85 billion. Officials from the government attributed this decrease to temporary seasonal shutdowns, revised summer holiday schedules at major domestic automotive plants, and localized labor disputes.
Trade data showed that exports to key markets demonstrated broad-based growth. Shipments to China surged 119.3% year-on-year to $24.1 billion, driven by high-volume exports of memory chips and industrial machinery. Meanwhile, exports to the United States grew 89.3% to $16.5 billion, fueled by strong demand for enterprise computing hardware and advanced semiconductors. The trade ministry’s records indicate that Korea maintained export growth across seven of its nine main regional markets during August.
Memory Chip Pricing Supports Overall Export Growth
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that exports outside of semiconductors increased by 20%, reflecting broader recovery across secondary industries. Besides core tech components, exports of secondary batteries grew 24% to $600 million, while biohealth shipments rose 22.3% to a record $1.41 billion, supported by expanded European supply contracts. Korea’s August export total of $98.25 billion reflects ongoing monitoring by trade officials of global supply chain shifts and foreign trade policies.
Adjusted for working days, the daily average export value increased 72.5% year-on-year to $4.47 billion, marking four straight months above the $4 billion daily threshold. Economists forecast that the momentum in exports will continue, supported by sustained global demand for technology hardware into the final quarter of the year. Following the end of September data collection, government financial institutions plan to release detailed quarterly trade balance summaries.