South Korea's semiconductor exports hit all-time high in August, making up 47% of total shipments

South Korea's exports surged 68.7 percent year-on-year last month, driven by a semiconductor boom that pushed shipments above $90 billion for the third consecutive month. Semiconductor exports accounted for 47 percent of total exports, setting an all-time monthly record for the fifth time this year. Auto exports, however, fell nearly 30 percent as summer factory shutdowns reduced working days.

August exports reached $98.25 billion on a preliminary customs basis, up 68.7 percent from a year earlier, the Ministry of Trade, Industry and Energy said Tuesday. That was the third-highest monthly total on record. In June, monthly exports surpassed $100 billion for the first time in history, and July followed with $98.89 billion, keeping the streak above $90 billion alive.

Average daily exports, adjusted for working days, came to $4.47 billion — a 72.5 percent increase from a year earlier — marking the fourth consecutive month the daily average exceeded $4 billion.

Semiconductors led the export surge. Semiconductor exports totaled $46.65 billion, up 209.0 percent from a year earlier, setting an all-time monthly record and marking the third straight month above $40 billion.

Semiconductor exports have broken monthly records five times this year alone: $25.1 billion in February, $32.8 billion in March, $37.2 billion in May, $44.8 billion in June and $46.6 billion in August.

Computer exports also hit a monthly record, jumping 419.5 percent to $6.24 billion, buoyed by rising NAND prices — a key component in enterprise SSDs. Wireless communications device exports climbed 21.2 percent on stronger sales of the Galaxy S26 and new foldable models, extending a 10-month winning streak.

Automobiles and ships were weak spots. Auto exports fell 29.8 percent to $3.85 billion, hurt by production disruptions as major automakers shifted their summer shutdown schedules and some faced strikes. Ship exports dropped 45.9 percent due to fewer deliveries.

Petroleum product exports rose 65.3 percent to $6.84 billion, while petrochemical exports gained 12.2 percent to $3.86 billion, as higher oil prices driven by tensions over the Strait of Hormuz lifted export unit prices. Export volumes, however, declined for both categories.

Among South Korea's nine major export destinations, seven posted gains. Exports to China surged 119.3 percent to $24.1 billion, while shipments to the United States climbed 89.3 percent to $16.5 billion. Exports to the Association of Southeast Asian Nations rose 75.4 percent to $19.09 billion, the highest August total on record.

Imports rose 22.5 percent to $63.51 billion, leaving a trade surplus of $34.75 billion — the third consecutive month the surplus has exceeded $30 billion.

The import increase was driven largely by higher energy costs. Crude oil import volumes fell 3 percent, but a 26 percent rise in import prices pushed the crude oil import bill up 21.2 percent to $8.3 billion.

Trade Minister Kim Jung-kwan said the broadening of South Korea's export base was encouraging, noting that non-semiconductor exports were also growing at a strong rate of 20 percent even as semiconductor shipments remained robust. "We will closely monitor the impact on corporate exports given the high uncertainty in the trade environment, including US tariff policy, the EU's steel tariff-rate quota and tensions in the Middle East," he said.