Korea's August exports jump 68.7% to $98.25 bil. on strong chip demand
Containers bound for export are stacked at a port in Busan, Aug. 6. Yonhap
Korea's exports surged 68.7 percent in August from a year earlier, buoyed by strong semiconductor shipments, data showed Tuesday.
Outbound shipments came to $98.25 billion in August, according to the Ministry of Trade, Industry and Resources.
Imports climbed 22.6 percent on-year to $63.51 billion, resulting in a trade surplus of $34.75 billion.
By sector, semiconductor exports, a key pillar of Asia's fourth-largest economy, soared 209 percent during the period to $46.65 billion, as major technology companies known as hyperscalers, including Google and Amazon, stepped up spending on artificial intelligence (AI) infrastructure.
Semiconductor exports topped $40 billion for a third consecutive month.
Exports of petroleum products jumped 65.3 percent to $6.84 billion, while those of petrochemical products rose 12.2 percent to $3.86 billion.
Automobile exports, however, fell 29.8 percent to $3.85 billion, hit by fewer working days during the summer holiday season and production disruptions caused by partial strikes over wage increases.
By destination, exports to China shot up 119.3 percent to $24.1 billion, driven by strong shipments of semiconductors and general machinery.
Exports to the United States advanced a brisk 89.3 percent to $16.5 billion, mainly on triple-digit growth in shipments of semiconductors and computers.
The monthly report also showed exports to Southeast Asian countries rose 75.4 percent to $19.09 billion, while those to the European Union gained 14.6 percent to $6.62 billion, both driven by robust chip demand.
"Semiconductor exports remain strong, while shipments of non-semiconductor products also grew 20 percent, indicating that the country's export base is broadening," Industry Minister Kim Jung-kwan said.
The government will closely monitor the impact of changes in the global trade environment on Korean companies' exports and will not become complacent about the current strong export performance, he stressed.