Korea posts 11th straight month of on-year export growth on back of chip demand

Korea’s exports posted on-year increases for 11 consecutive months in August, thanks to robust demand for semiconductors, data showed Sunday.

Containers are piled up at Incheon New Port in Songdo International City on Sunday. [NEWS1]

Korea’s exports posted on-year increases for 11 consecutive months in August, thanks to robust demand for semiconductors, data showed Sunday.

Export volume rose 11.4 percent on year to $57.9 billion during the month. Import volume increased 6 percent to $54 billion, resulting in a trade surplus of $3.83 billion, according to data compiled by the Ministry of Trade, Industry and Energy.

By sector, chip exports posted a record-high volume figure of $11.9 billion, surging 38.8 percent on the year.

Chip exports are experiencing on-year gains for 10 consecutive months, posting more than $11 billion for four straight months.

The ministry attributed the surge in demand to the release of smartphones and active investments in AI servers, such as server solid-state drives.

Ship exports jumped 80 percent to $2.8 billion, while petroleum products exports rose 1.4 percent to $4.5 billion.

Outbound shipments of automobiles fell 4.3 percent to $5.1 billion as production was suspended due to renovations, wage negotiations and a decline in EV exports.

Steel exports also dipped 1.7 percent to $2.81 billion due to heightened competition in the global market.

By country, export volume to China, Korea’s top trading partner, grew 7.9 percent to $11.35 billion. Outbound shipments to the U.S. gained 11.1 percent to $9.96 billion, while export volume for the European Union logged a record high of $6.43 billion, with a 16.1 percent on-year increase.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]