Key facts
- South Korea's year-to-date exports surpassed $709.4 billion, breaking last year's annual record.
- Semiconductor exports surged 169.6% to $281 billion from January to August, representing 41% of total exports.
- August exports reached $98.25 billion, with semiconductor sales up 209% year-over-year to a record $46.7 billion.
- Automotive and ship exports declined in August, while computer exports saw significant growth.
- Imports rose 22.5% in August, resulting in a $34.75 billion trade surplus for the month.
South Korea's exports have achieved a new annual record, surpassing $709.4 billion year-to-date, according to customs data. In August alone, exports approached $100 billion, driven primarily by a significant surge in semiconductor sales.
Semiconductor exports in August reached a record $46.7 billion, marking a 209% increase from the previous year and accounting for 47.5% of total exports. This growth is attributed to sustained demand for artificial intelligence infrastructure, with hyperscalers like Google and Amazon expanding their capital expenditures. Computer exports also saw a substantial rise of 419% to $6.2 billion.
Several other export categories posted gains, including wireless communication devices, secondary batteries, general machinery, electronic devices, petroleum products, petrochemicals, and steel. The strength in petroleum products and petrochemicals is linked to high oil prices resulting from the Middle East conflict, while steel demand is tied to AI data center construction.
However, automotive exports declined by approximately 30% to $3.9 billion, impacted by summer vacations coinciding with strikes. Ship exports also fell by 46% to $1.7 billion due to fewer vessel deliveries.
Imports rose by 22.5% year-over-year to $63.51 billion in August. The country recorded a trade surplus of $34.75 billion for the month, bringing the cumulative surplus for the year to $202.5 billion.