South Korea’s exports maintained year-on-year growth for the 11th straight month in August, driven by strong demand for semiconductors, as reported in recent data.
Outbound shipments increased by 11.4 percent year-on-year, reaching $57.9 billion last month, WAM reported citing the Ministry of Trade, Industry and Energy.
Imports rose by 6 percent year-on-year to $54 billion, resulting in a trade surplus of $3.83 billion. Korea has maintained a trade surplus for 15 months in a row.
In terms of specific sectors, semiconductor exports surged by 38.8 percent year-on-year in August, totaling $11.9 billion, marking a streak of 10 consecutive months of growth and achieving the highest volume for any August.
Exports of ships soared by 80 percent year-on-year, reaching $2.8 billion, while petroleum product exports saw a 1.4 percent increase to $4.5 billion, reflecting six continuous months of growth.
Moreover, automobile exports dropped by 4.3 percent to $5.1 billion due to production disruptions linked to renovations and wage negotiations.
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Strong U.S. market demand
Regionally, exports to China rose by 7.9 percent to $11.4 billion, driven by strong performances in semiconductors and mobile devices. Exports to Korea’s largest trading partner have remained above $10 billion for six months straight.
Shipments to the United States also experienced an 11.1 percent increase, reaching $10 billion, marking the highest volume recorded for any August.
Optimistic outlook amid geopolitical risks
Industry Minister Ahn Duk-geun indicated that, with overall exports reaching the highest figure for any August and an increase in shipments to major trading partners, the country is positioned for record export figures, according to a release by the state news agency Yonhap.
Ahn noted that geopolitical uncertainties in the Middle East continue to pose risks to Korea’s export landscape, emphasizing that the government will closely monitor these developments and implement necessary measures.
In 2023, outbound shipments fell by 7.4 percent year-on-year due to a sluggish semiconductor market and broader global economic uncertainties.
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