South Korea's exports surged more than 50% year-on-year by mid-August, reaching the highest level for the month on record. This increase was largely driven by a record rise in semiconductor exports, along with gains in petroleum products and computer peripherals.
The Korea Customs Service reported on August 21 that the export value for the period from August 1 to 20 was $55.27 billion, a 56.0% increase compared to the same period last year. This figure marks the highest ever recorded for this timeframe. Cumulatively, the annual export total reached $650.27 billion, up 51.0% from the previous year.
Considering the number of working days, the average daily export value was $3.94 billion. Although the number of working days decreased by 0.5 days to 14.0 days compared to last year, the daily exports surged by 61.5% year-on-year.
By mid-August, exports were led by semiconductors and computer peripherals. Semiconductor exports alone skyrocketed by 198.8% to $26.03 billion, accounting for 67.2% of total exports, an increase of 22.5 percentage points from the previous year.
Increased prices due to high oil costs also contributed to a 56.4% rise in petroleum product exports. Other sectors showing growth included steel products (9.7%), computer peripherals (242.1%), and wireless communication devices (4.5%).
Conversely, passenger car exports fell by 45.1% to $1.04 billion. Exports of ships (-60.5%), automotive parts (-19.9%), and home appliances (-3.4%) also experienced declines.
By country, exports to China (118.6%), the United States (59.4%), Vietnam (67.4%), Hong Kong (245.5%), and Taiwan (23.5%) increased. However, exports to the European Union (EU) (-3.2%) and Singapore (-23.4%) decreased. The top three countries—China, the United States, and Vietnam—accounted for 52.6% of total exports.
Imports rose by 19.0% to $41.23 billion. The cumulative annual import total, including figures from the previous month, increased by 18.3% to $468.54 billion. Semiconductor imports rose by 59.4% to $7.47 billion, while imports of semiconductor manufacturing equipment surged by 89.3% to $1.87 billion.
Due to rising international oil prices linked to the Middle East conflict, crude oil imports also increased, totaling $5.44 billion, a 17.0% rise from last year. Coal imports rose by 52.5% to $1.16 billion, while gas imports fell by 17.1% to $1.72 billion. Overall, energy imports, including crude oil, gas, and coal, increased by 11.1% year-on-year.
By country, imports from China (27.9%), the United States (23.5%), the EU (17.4%), Japan (34.1%), and Taiwan (46.2%) increased, while imports from Saudi Arabia decreased by 22.2%.
With exports exceeding imports, the trade balance recorded a surplus of $13.98 billion. The cumulative annual trade surplus now stands at $181.74 billion.
* This article has been translated by AI.
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