South Korean exports are projected to have risen 62.6% in August, marking the 15th consecutive month of gains, driven by strong demand for AI chips. Memory chip giants Samsung Electronics and SK Hynix are benefiting from the AI investment boom.
The sustained export growth, particularly in semiconductors, highlights South Korea's crucial role in the global technology supply chain and indicates continued strength in the AI sector, serving as a key indicator for global trade.
South Korean exports are anticipated to continue their strong growth in August, with a Reuters poll of 10 economists forecasting a 62.6% year-over-year increase. This would mark the 15th consecutive month of gains, primarily fueled by robust global demand for AI chips. Memory chip manufacturers Samsung Electronics and SK Hynix are expected to be the main beneficiaries of this trend, as rising prices are driven by the AI investment surge.
While the IT sector, particularly semiconductors, is expected to sustain high export growth, automobile exports may see a slight slowdown due to factors like labor strikes. Looking ahead, global manufacturing strength is likely to support the semiconductor-led upward trend, though the year-over-year growth rate is projected to gradually decelerate due to base effects.
The poll also indicated that imports are expected to rise by 24.7% in August compared to the previous year. The monthly trade surplus is forecast to reach a median of $30.74 billion, slightly up from $30.40 billion in July. South Korea is scheduled to release its official trade figures for August on September 1.