South Korea posts $6.5B trade surplus on record semiconductors

SEOUL, South Korea — The nation posted a trade surplus of $6.51 billion in August, as semiconductor exports reached a record monthly high.

Exports increased 1.3 percent from a year earlier to $58.4 billion, while imports declined 4.0 percent to $51.89 billion, the Ministry of Trade, Industry and Energy reported.

The export figure represented the highest August total recorded and the third consecutive month of record monthly exports.

The trade surplus was the seventh consecutive monthly surplus.

The cumulative trade surplus for January through August totaled $40.97 billion, compared with $30.17 billion during the same period in 2024.

Semiconductor exports rose 27.1 percent to $15.1 billion, exceeding the previous monthly record of $15.0 billion set in June.

The ministry attributed the increase to demand for server chips and higher prices for memory semiconductors.

Memory chip prices increased, with DDR4 8 GB chips at $5.70 in August, compared to $3.90 in July.

DDR5 16 GB chips remained at $5.25, while NAND flash memory was held at $3.42 per 128 GB unit.

Automobile exports increased 8.6 percent to $5.5 billion, the highest August figure recorded. Electric vehicle exports rose 68.5 percent to $820 million, while hybrid vehicle shipments increased 13.3 percent to $1.35 billion. Exports of internal combustion engine vehicles declined 1.6 percent to $3.3 billion.

Shipbuilding exports rose 11.8 percent to $3.14 billion, the sixth consecutive month of growth, as companies delivered vessels ordered during 2022–2023.

Several export categories declined. Petroleum product exports fell 4.7 percent to $4.17 billion. Petrochemical exports declined 18.7 percent to $3.38 billion. Steel exports decreased 15.4 percent to $2.37 billion.

Regional export performance was mixed. Shipments to ASEAN countries increased 11.9 percent to $10.89 billion, the highest August level recorded.

Exports to the Middle East rose 1.0 percent to $1.40 billion, and shipments to Commonwealth of Independent States countries increased 9.2 percent to $1.12 billion.

Exports to the United States declined 12.0 percent to $8.74 billion, reflecting trade measures affecting automobiles and steel. Semiconductor and wireless communication equipment exports to the US increased.

Shipments to China declined 2.9 percent to $11.01 billion, the second consecutive month above $11 billion. Semiconductor exports to China increased, while wireless communication equipment and general machinery exports declined.

Exports to the European Union fell 9.2 percent to $5.81 billion. 

Automobile exports to the region increased, while shipments of machinery and steel declined.

Energy imports fell 12.2 percent to $11.02 billion, as crude oil imports declined 16.6 percent and coal imports dropped 25.5 percent. 

Non-energy imports decreased 1.5 percent to $40.86 billion.

Agricultural and fishery product exports reached $960 million, up 3.2 percent year-on-year. Cosmetics exports totaled $870 million, rising 5.1 percent.

Electrical equipment exports reached $1.29 billion, up 5.6 percent.

Trade Minister JK(Jung-kwan) KIM noted that August exports were led by semiconductors and automobiles, continuing a three-month trend.

Support measures are expected in early September in three areas: short-term management assistance and domestic demand creation, market diversification support, and competitiveness enhancement for key industries.

Data were compiled based on customs clearance records through August 31.