August exports approach $100 billion as semiconductor shipments set another record

South Korea’s semiconductor exports reached a monthly record of $46.65 billion in August, helping push total exports close to the $100 billion mark. Strong global demand for high-value memory chips, including high-bandwidth memory, drove the increase.

The Ministry of Trade, Industry and Energy said exports rose 68.7% from a year earlier to $98.25 billion. Imports grew 22.5% to $63.51 billion, leaving a trade surplus of $34.75 billion. South Korea recorded a trade surplus in the $30 billion range for the third consecutive month.

Semiconductor exports increased 209% from a year earlier. They have set five monthly records this year, beginning with $25.1 billion in February and reaching $44.8 billion in June. Shipments have exceeded $40 billion for three straight months.

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The export base is expanding, with exports of non-semiconductor items also recording a high growth rate of 20%.

Related products also benefited from higher chip prices and demand linked to artificial intelligence infrastructure. Computer exports rose 419.5% to $6.24 billion, driven mainly by enterprise solid-state drives. Wireless communications equipment exports increased 21.2% to $1.88 billion, extending a surplus streak to 10 months.

The broader export figure ranked third among monthly records because automobile and ship exports fell. Automobile exports declined 29.8% to $3.85 billion, partly because summer holidays and partial strikes reduced production days. Ship exports dropped 45.9% to $1.69 billion as fewer vessels were delivered. Trade Minister Kim Jung-kwan said uncertainty remained high because of stronger protectionism and global supply-chain changes.

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As protectionism by major countries strengthens and global supply chains are reorganized, uncertainty in the trade environment remains high.