SEOUL / RankWire.AI / – South Korea’s outbound shipments experienced a 68.7% year-on-year increase in August, reaching a historic $98.25 billion, driven largely by persistent global demand for high-performance memory chips and AI infrastructure. Official data from the Ministry of Trade, Industry and Resources indicated that imports also rose by 22.5% to $63.51 billion during the same period, resulting in a monthly trade surplus of $34.75 billion. This strong performance continues the Asian nation’s trade growth streak for a 15th straight month, making it Asia’s fourth-largest economy.
The export of semiconductors, which serve as the main catalyst for the country’s trade success, jumped 209% year-on-year to an all-time high of $46.65 billion. The increase in chip shipments was supported by ongoing capital expenditure initiatives among leading global tech firms expanding data center infrastructure and enterprise AI hardware. This marks the third month in a row that semiconductor exports have surpassed the $40 billion mark. Additionally, data from the Yonhap News Agency revealed that exports of computer products soared 419.5% to $6.24 billion amid rising global NAND memory prices.
Trade Ministry Confirms Monthly Trade Surplus Reaches $34.75 Billion
Energy and chemical sectors also contributed significantly to the overall growth. Exports of petroleum products increased 65.3% year-on-year to $6.84 billion, while petrochemical shipments grew by 12.2% to $3.86 billion. Elevated global crude oil prices supported higher unit prices across refined product categories. Meanwhile, automotive exports declined 29.8%, totaling $3.85 billion. Officials explained that this decrease was due to seasonal shutdowns, revised summer holiday schedules across major domestic auto plants, and localized labor disputes.
On the regional front, exports to key trading partners expanded broadly. Shipments to China increased by 119.3% year-on-year to $24.1 billion, supported by high-volume exports of memory chips and industrial machinery. The United States saw an 89.3% rise to $16.5 billion, driven by strong demand for enterprise computing hardware and advanced semiconductors. According to trade ministry records, Korea maintained growth in seven of its nine main regional markets during the August reporting period.
Exports of Computer Equipment Hit New Monthly Record Volumes
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated in an official release that exports excluding semiconductors grew 20% overall, signaling a broader recovery across secondary export sectors. Secondary batteries rose 24% to $600 million, while biohealth shipments increased 22.3%, reaching a record $1.41 billion on expanded European supply contracts. Korea’s August exports surged 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 rose 72.5% year-on-year to $4.47 billion, marking four consecutive months above the $4 billion daily threshold. Analysts expect this momentum to persist, supported by ongoing global technology hardware demand into the final quarter of the year. Following September’s data collection, government financial agencies will release finalized quarterly trade balance summaries.