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South Korean exports rise in August, driven by robust demand for semiconductors
(MENAFN) South Korea experienced a continued rise in exports for the eleventh consecutive month in August, fueled by robust global demand for semiconductors. According to data from the Ministry of Trade, Industry and Energy, exports grew by 11.4 percent year-on-year, reaching USD57.9 billion. Meanwhile, imports increased by 6 percent to USD54 billion, resulting in a trade surplus of USD3.83 billion, marking the country's 15th consecutive month of a positive trade balance.
The surge in exports was led by the semiconductor sector, which saw a remarkable 38.8 percent increase in sales compared to the previous year, totaling USD11.9 billion in August. This marks ten straight months of growth for semiconductor exports, achieving the highest volume for the month of August ever recorded. Other sectors also contributed to the export growth, with ship exports rising significantly by 80 percent year-on-year to USD2.8 billion and petroleum product exports increasing by 1.4 percent to USD4.5 billion, reflecting six consecutive months of gains. However, automotive exports faced a decline of 4.3 percent to USD5.1 billion due to production disruptions, which were partly attributed to renovations and wage negotiations.
Regionally, exports to China rose by 7.9 percent to USD11.4 billion, bolstered by strong demand for semiconductors and mobile devices. Exports to China, South Korea's largest trading partner, have remained above the USD10 billion mark for six consecutive months. Exports to the United States also showed a significant jump of 11.1 percent, reaching USD10 billion, which is the highest volume ever recorded for the month of August. This growth in trade highlights the resilience of South Korea's export sector amid global economic challenges, underscoring the importance of semiconductors and other key industries in maintaining a positive trade balance.
The surge in exports was led by the semiconductor sector, which saw a remarkable 38.8 percent increase in sales compared to the previous year, totaling USD11.9 billion in August. This marks ten straight months of growth for semiconductor exports, achieving the highest volume for the month of August ever recorded. Other sectors also contributed to the export growth, with ship exports rising significantly by 80 percent year-on-year to USD2.8 billion and petroleum product exports increasing by 1.4 percent to USD4.5 billion, reflecting six consecutive months of gains. However, automotive exports faced a decline of 4.3 percent to USD5.1 billion due to production disruptions, which were partly attributed to renovations and wage negotiations.
Regionally, exports to China rose by 7.9 percent to USD11.4 billion, bolstered by strong demand for semiconductors and mobile devices. Exports to China, South Korea's largest trading partner, have remained above the USD10 billion mark for six consecutive months. Exports to the United States also showed a significant jump of 11.1 percent, reaching USD10 billion, which is the highest volume ever recorded for the month of August. This growth in trade highlights the resilience of South Korea's export sector amid global economic challenges, underscoring the importance of semiconductors and other key industries in maintaining a positive trade balance.
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