KB News Desk
Korea’s exports extended on-year gains to the 11th straight month in August, data showed Sunday, driven by the strong demand for semiconductors.
Outbound shipments rose 11.4 percent on-year to $57.9 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.
Imports added 6 percent on-year to $54 billion, resulting in a trade surplus of $3.83 billion. South Korea has been maintaining a trade surplus for 15 consecutive months.
By sector, exports of chips jumped 38.8 percent on-year in August to $11.9 billion, extending gains for 10 consecutive months. It also marked the highest volume for any August.
The ministry attributed the strong shipments of chips to the release of new smartphones, with major technology firms expanding investment in the artificial intelligence industry.
Outbound shipments of ships jumped 80 percent on-year to reach $2.8 billion, led by the stronger demand for liquefied natural gas carriers.
Exports of petroleum products gained 1.4 percent to $4.5 billion, marking six straight months of gains.
Exports of automobiles, on the other hand, fell 4.3 percent to $5.1 billion as production was partially disrupted due to renovations and wage negotiations.
Outbound shipments of steel products also decreased 1.7 percent on-year in August to $2.81 billion, amid the increased competition in the global market.
By destination, exports to China shot up 7.9 percent to $11.4 billion, driven by strong performance of semiconductors and mobile devices, including foldable smartphones equipped with AI features.
Exports to South Korea’s top trading partner remained above $10 billion for six consecutive months.
Outbound shipments to the United States also jumped 11.1 percent to $10 billion, marking the highest volume for any August, with chips, computers, and secondary batteries leading the overall gains.
Exports to the European Union reached a record high by advancing 16.1 percent to $6.43 billion, on the back of biohealth products and mobile devices, the data also showed.
“With overall exports reaching the highest amount for any August and shipments to major trade partners maintaining growth, the country is on the path for record exports,” Industry Minister Ahn Duk-geun said in a statement.
Ahn added that geopolitical uncertainties in the Middle East still pose a threat to South Korea’s exports, noting that the government will continue to monitor related situations and offer necessary measures.
Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. (Yonhap)
