SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments experienced a remarkable increase of 68.7% year-on-year in August, reaching $98.25 billion. This growth was primarily fueled by persistent global demand for high-performance memory chips and infrastructure for artificial intelligence. Data from the Ministry of Trade, Industry and Resources revealed that imports also grew by 22.6% during the same period, totaling $63.51 billion, resulting in a monthly trade surplus of $34.75 billion. As Asia’s fourth-largest economy extends its trade growth streak for a 15th consecutive month, exports in August have shown significant expansion.
The main contributor to this surge in trade was semiconductor exports, which soared 209% year-on-year to reach an all-time high of $46.65 billion. The rise in chip shipments was driven by ongoing capital investments among leading global tech firms, who are expanding data center infrastructure and deploying enterprise AI hardware. This marks the third month in a row that semiconductor export volumes have exceeded $40 billion. According to additional data from Yonhap News Agency, computer product exports increased by 419.5% to $6.24 billion amid rising global NAND memory prices.
Korea’s August Exports Climb 68.7% to $98.25 Billion, Led by Semiconductor Growth
Energy and chemical sectors also contributed notably to the overall monthly increase. Exports of petroleum products rose 65.3% year-on-year to $6.84 billion, while petrochemical exports grew 12.2% to $3.86 billion. The rise in global crude oil prices supported higher unit prices across refined product categories. In contrast, automobile exports declined by 29.8%, totaling $3.85 billion. Officials explained that the drop was due to temporary seasonal manufacturing shutdowns, revised summer holiday schedules at major domestic automotive plants, and localized labor disputes.
In terms of geography, exports to key trading partners showed widespread growth. Shipments to China jumped 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 increase of 89.3%, reaching $16.5 billion, driven by strong demand for enterprise computing hardware and advanced semiconductors. Data from the trade ministry indicates that South Korean exporters maintained growth across seven of the nine primary regional markets during August.
Memory Chip Prices Bolster Overall Export Growth
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 industries. Besides core technology components, exports of secondary batteries increased 24% to $600 million, while biohealth exports rose 22.3% to a record $1.41 billion supported by expanded supply contracts in Europe. The surge in August exports to $98.25 billion was closely monitored by trade officials, who continue to assess global supply chain conditions and foreign trade policy shifts.
Adjusted for working days, the daily average export value rose 72.5% year-on-year to $4.47 billion, marking four consecutive months exceeding the $4 billion threshold. Analysts expect this momentum to sustain into the final quarter of the year, supported by ongoing global technology hardware demand. Following the September data collection, government financial institutions will publish comprehensive quarterly trade balance summaries.