SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments surged 68.7% year-on-year in August to reach $98.25 billion, driven by sustained global demand for high-performance memory chips and artificial intelligence infrastructure. Data released by the Ministry of Trade, Industry and Resources confirmed that imports rose 22.6% over the same period to $63.51 billion, yielding a net monthly trade surplus of $34.75 billion. Korea’s August exports jump 68.7% to $98.25 billion as Asia’s fourth-largest economy extends its trade expansion streak for a 15th consecutive month.
Semiconductor exports, which are the main factor behind the nation’s trade success, soared 209% year-on-year to a record high of $46.65 billion. The growth in chip shipments was driven by ongoing capital expenditure initiatives among major global technology companies expanding data center networks and deploying enterprise AI hardware. This marks the third month in a row where semiconductor exports exceeded the $40 billion mark. Additional data from the Yonhap News Agency indicated that computer product exports increased 419.5% to $6.24 billion amid rising global NAND memory prices.
Korea’s August Exports Rise 68.7% to $98.25 Billion Fueled by Semiconductor Growth
Energy and chemical sectors also played a significant role in boosting monthly exports. Petroleum product shipments grew 65.3% year-on-year to $6.84 billion, while petrochemical exports increased 12.2% to $3.86 billion. Elevated global crude oil prices supported higher unit prices across refined product categories. In contrast, automobile exports declined 29.8% to $3.85 billion. Officials explained that the decrease was due to temporary seasonal shutdowns, revised summer holiday schedules at major domestic auto plants, and localized labor disputes.
On the regional front, exports to key trading partners showed widespread growth. China saw a 119.3% year-on-year increase to $24.1 billion, driven by high-volume shipments of memory chips and industrial machinery. The United States experienced an 89.3% rise to $16.5 billion, mainly supported by demand for enterprise computing hardware and advanced semiconductors. According to trade ministry records, Korea maintained positive growth in seven of its nine main 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 exports excluding semiconductors increased by 20%, indicating a broader recovery in secondary export sectors. Besides core technology components, exports of secondary batteries rose 24% to $600 million, while biohealth shipments grew 22.3% to a record $1.41 billion due to expanded contracts across European markets. Korea’s August exports jump 68.7% to $98.25 billion as trade officials continue to monitor changes in foreign trade policies and global supply chain dynamics.
Adjusted for working days, the daily average export value increased 72.5% year-on-year to $4.47 billion, marking four straight months of surpassing the $4 billion daily threshold. Analysts expect the momentum to persist, supported by strong global technology hardware demand entering the final quarter of the year. The government’s financial institutions will release finalized quarterly trade balance summaries after completing September’s data collection.