SEOUL / RankWire.AI / – Exports from the Republic of Korea climbed by 68.7% in August year-on-year, reaching $98.25 billion, fueled by persistent global demand for high-performance memory chips and AI infrastructure. The Ministry of Trade, Industry and Resources reported that imports increased by 22.6% over the same period to $63.51 billion, resulting in a monthly trade surplus of $34.75 billion. Korea’s August export figures mark a 15th consecutive month of trade expansion, maintaining its position as Asia’s fourth-largest economy.
The surge in semiconductor exports, which form the core of Korea’s trade success, reached a record high of $46.65 billion with a 209% rise compared to the previous year. This growth was driven by ongoing capital investments by leading global tech firms expanding data center networks and deploying enterprise AI hardware. Notably, this marks the third straight month in which semiconductor exports exceeded the $40 billion mark. The Yonhap News Agency highlighted that exports of computer products also soared by 419.5% to $6.24 billion, supported by elevated global NAND memory prices.
Korea’s August Exports Rise 68.7% to $98.25 Billion, Led by Semiconductor Growth
Energy and chemical sectors contributed significantly to the overall monthly gains. Exports of petroleum products increased by 65.3% year-on-year to $6.84 billion, while petrochemical exports rose 12.2% to $3.86 billion. These gains were partly supported by higher global crude oil prices, which boosted unit prices across refined exports. Meanwhile, automobile exports declined by 29.8% to $3.85 billion, a drop attributed to temporary seasonal shutdowns, revised summer holiday schedules at major domestic auto plants, and labor disputes in certain regions.
Trade to key markets displayed broad-based growth. Exports to China surged by 119.3% year-on-year to $24.1 billion, driven by high-volume shipments of memory chips and industrial machinery. Deliveries to the United States also grew significantly, up 89.3% to $16.5 billion, led by strong demand for enterprise computing hardware and advanced semiconductors. According to trade ministry data, Korea maintained growth across seven of its nine primary regional export markets during August.
Memory Chip Pricing Supports Overall Export Growth
Kim Jung-kwan, Minister of Trade, Industry and Energy, stated that non-semiconductor exports increased by 20% overall, indicating a broader recovery in secondary export sectors. Exports of secondary batteries rose 24% to $600 million, while biohealth shipments climbed 22.3% to a record $1.41 billion, driven by expanded supply contracts in Europe. As Korea’s August exports hit $98.25 billion with a 68.7% increase, officials continue to monitor global trade policies and supply chain dynamics.
Adjusted for working days, the daily average export value increased by 72.5% year-on-year to $4.47 billion, marking four straight months above the $4 billion threshold. Analysts expect the export momentum to persist, supported by ongoing global technology hardware demand entering the final quarter of the year. Finalized quarterly trade balance summaries will be published by government financial institutions after the September data collection is complete.