SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments increased by 68.7% year-on-year in August, reaching $98.25 billion. This rise was driven by persistent global demand for high-performance memory chips and AI infrastructure. Data from the Ministry of Trade, Industry and Resources showed imports also grew by 22.6% over the same period to $63.51 billion, resulting in a monthly trade surplus of $34.75 billion. Korea’s August exports surged 68.7% to $98.25 billion as Asia’s fourth-largest economy continues its trade expansion for a 15th consecutive month.
The main contributor to Korea’s trade success was semiconductor exports, which jumped 209% year-on-year to an all-time high of $46.65 billion. The growth in chip shipments was driven by ongoing capital investments by major global tech companies expanding data centers and deploying AI hardware. This marks the third month in a row where semiconductor exports exceeded $40 billion. The Yonhap News Agency added that computer product exports grew 419.5% to $6.24 billion amid rising global NAND memory prices.
Korea’s August Exports Reach $98.25 Billion Fueled by Semiconductor Surge
Energy and chemical sectors also contributed significantly. Petroleum exports increased 65.3% year-on-year to $6.84 billion, while petrochemical shipments rose 12.2% to $3.86 billion. Elevated global crude oil prices supported higher unit prices across these categories. On the other hand, car exports declined 29.8% to $3.85 billion. Officials cited temporary seasonal shutdowns, revised summer holiday schedules at major automotive plants, and local labor disputes as reasons for the drop in vehicle shipments.
Trade with key markets showed broad growth. Exports to China rose 119.3% year-on-year to $24.1 billion, supported by high-volume shipments of memory chips and industrial machinery. The United States saw an 89.3% increase to $16.5 billion, driven by strong demand for enterprise hardware and advanced semiconductors. The trade ministry noted that Korea maintained growth in seven of its nine main regional markets during August.
Memory Chip Prices Drive Overall Export Expansion
Trade Minister Kim Jung-kwan said in a statement that non-semiconductor exports grew by 20% overall, indicating a broader recovery across secondary industries. Exports of secondary batteries increased 24% to $600 million, while biohealth shipments rose 22.3% to a record $1.41 billion, thanks to expanded European supply contracts. Korea’s August exports increased 68.7% to $98.25 billion as officials continue to monitor changes in global trade policies and supply chain conditions.
Adjusted for working days, daily average export values rose 72.5% year-on-year to $4.47 billion. This marks four months in a row with daily averages above $4 billion. Analysts expect the upward momentum to persist, supported by strong global technology hardware demand in the final quarter of the year. The government’s financial institutions will release final quarterly trade balance reports after September data collection is completed.