SEOUL / RankWire.AI / – The Republic of Korea’s outbound shipments soared 68.7% year-on-year in August, totaling $98.25 billion, as persistent global demand for high-performance memory chips and AI infrastructure fueled growth. Data released by the Ministry of Trade, Industry and Resources confirmed that imports increased 22.6% over the same period to $63.51 billion, resulting in a monthly trade surplus of $34.75 billion. Korea’s August exports jumped 68.7% to $98.25 billion, extending its trade growth streak for a 15th consecutive month, making it Asia’s fourth-largest economy.
The dominant sector in Korea’s trade performance, semiconductors, experienced an extraordinary 209% year-on-year rise, reaching a record-high of $46.65 billion. This increase was driven by ongoing capital expenditure initiatives among global technology giants expanding data center infrastructure and enterprise AI hardware deployments. The data marks the third month in a row that semiconductor exports have surpassed the $40 billion mark. The Yonhap News Agency further reported that exports of computer products surged 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 Chip Sector
Energy and chemical industries also played a role in boosting total exports for the month. Petroleum product shipments increased 65.3% year-on-year to $6.84 billion, and petrochemical exports grew 12.2% to $3.86 billion. Rising global crude oil prices helped support higher unit prices across refined product categories. Conversely, automobile exports declined 29.8% to $3.85 billion. Officials explained that this drop resulted from temporary seasonal shutdowns, revised summer holiday schedules across major domestic auto plants, and local labor disputes.
Looking at specific markets, exports to China surged 119.3% year-on-year to $24.1 billion, driven by large shipments of memory chips and industrial machinery. The United States saw an 89.3% rise to $16.5 billion, fueled by high demand for enterprise computing hardware and advanced semiconductors. The trade ministry data indicates that Korean exporters maintained growth in seven of the nation’s nine key regional markets during August.
Memory Chip Price Trends Bolster Overall Export Growth
Kim Jung-kwan, the Minister of Trade, Industry and Energy, stated in an official release that non-semiconductor exports grew by 20% overall, reflecting a broader recovery across secondary industries. Besides core tech components, exports of secondary batteries increased 24% to $600 million, while biohealth shipments rose 22.3% to a record $1.41 billion, supported by expanded European supply agreements. Korea’s August exports reached $98.25 billion with ongoing government monitoring of foreign trade policies and global supply chain conditions.
Adjusted for working days, the daily average export value increased 72.5% year-on-year to $4.47 billion, marking the fourth month in a row that daily exports exceeded the $4 billion threshold. Analysts expect this momentum to continue, supported by strong global technology hardware demand as the year enters its final quarter. The government’s financial institutions will publish finalized quarterly trade balance summaries after September’s data collection is completed.