Seoul: South Korea's exports saw a 1.3 percent increase in August compared to the previous year, driven by robust demand for semiconductors, despite the impact of U.S. tariffs. This growth marks the third consecutive month of rising exports, as reported by government data on Monday.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy compiled data showing that outbound shipments amounted to US$58.4 billion in August. Meanwhile, imports saw a decline of 4 percent year-on-year, totaling $51.89 billion, resulting in a trade surplus of $6.51 billion.
Semiconductor exports experienced a significant jump of 27.1 percent year-on-year, reaching a record high of $15.1 billion in August. Auto exports also rose by 8.6 percent to $5.5 billion, marking the highest figure recorded for any August. In addition, ship exports increased by 11.8 percent to $3.14 billion, continuing a six-month growth streak, while shipments of agro-fisheries products rose 3.2 percent to $960 million, the highest for any August.
Exports of cosmetics grew by 5.1 percent to $870 million, and electronic device exports climbed 5.6 percent to $1.29 billion, both achieving record figures for August.
By destination, exports to the United States dropped 12 percent year-on-year to $8.74 billion, affected by reduced shipments of steel, automobiles, and machinery due to the U.S. tariff policies initiated by the Donald Trump administration. Exports to China decreased by 2.9 percent to $11.01 billion amid overall export item weakness.
Conversely, exports to the Association of Southeast Asian Nations (ASEAN) rose by 11.9 percent to $10.89 billion, continuing a three-month growth trend, fueled by strong demand for semiconductors and ships. Shipments to the Middle East increased by 1 percent year-on-year to $1.4 billion, while exports to the Commonwealth of Independent States (CIS), including Russia, surged by 9.2 percent to $1.12 billion.
Industry Minister Kim Jung-kwan noted that the August export growth was primarily led by semiconductors and automobiles, emphasizing the competitiveness and dedication of Korean companies to exports despite external challenges such as U.S. tariff policies. Kim also announced plans for a support package to assist small and medium-sized exporters in diversifying export destinations and enhancing competitiveness, set to be unveiled later this month.