South Korea's exports continue upward trajectory for 11th consecutive month in August
(MENAFN) South Korea's exports continued their upward trajectory for the 11th consecutive month, driven by strong demand for domestically produced technology and oil products, according to data released yesterday by the Ministry of Trade, Industry, and Energy. In August, exports rose by 11.4 percent compared to the previous year, reaching USD57.90 billion. This growth streak, which has been ongoing since October 2023, underscores the resilience and competitiveness of South Korea's export-driven economy, which relies heavily on its international trade performance.
Imports also saw an increase in August, climbing 6.0 percent year-over-year to USD54.07 billion. Despite this rise in imports, South Korea maintained a trade surplus of USD3.83 billion. This surplus marks the 15th consecutive month of positive trade balances since June 2023, reflecting the country's robust export performance relative to its import levels. The consistent surplus highlights the strength of South Korea's export sector and its ability to sustain favorable trade conditions.
Among South Korea's 15 major export categories, 7 experienced growth in outbound shipments. Notably, semiconductor exports surged by 38.8 percent year-on-year, reaching USD11.88 billion in August. This substantial increase is attributed to heightened demand for chips used in artificial intelligence (AI), rising memory chip prices, and the introduction of new smartphones. The semiconductor sector has maintained a strong upward trend for ten consecutive months, demonstrating its critical role in South Korea's export success.
Other export sectors also showed significant developments. Mobile device shipments rose sharply by 50.4 percent to USD1.81 billion, benefiting from a rebound in the global smartphone market. Additionally, computer exports nearly tripled to USD1.48 billion, driven by sustained demand for solid-state drives (SSD). However, there were declines in certain areas: display panel exports fell by 4.9 percent to USD1.82 billion, marking the first decrease in 13 months, and automotive shipments decreased by 4.3 percent to USD5.07 billion. Auto parts exports also saw a decline, slipping by 3.5 percent to USD1.84 billion.
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