Exports grew 11.4 percent on-year, reaching $57.9 billion last month, while imports rose by 6 percent to $54 billion. This resulted in a trade surplus of $3.83 billion, marking the country's 15th straight month in the black since June of last year.
The semiconductor sector led the surge, with chip exports soaring 38.8 percent from a year earlier to $11.9 billion, extending their growth for the 10th month in a row and setting a new record for August.
The shipbuilding industry also saw significant gains, with exports jumping 80 percent on-year to $2.8 billion. Exports of petroleum products also edged up 1.4 percent to $4.5 billion.
However, the automotive sector faced setbacks. Exports of automobiles fell by 4.3 percent to $5.1 billion, due to production disruptions amid wage negotiations.
In terms of export destinations, shipments to China — the country's largest trading partner — rose 7.9 percent to $11.4 billion, fueled by strong demand for semiconductors and mobile devices. Exports to the U.S. also saw an impressive uptick, increasing 11.1 percent to $10 billion, the highest figure recorded for August.
"With the highest growth rate among major global exporters, Korea is on track for record-breaking figures," Minister Ahn Duk-geun said in a statement. But he cautioned that geopolitical uncertainties in the Middle East could pose risks to future performance, adding that the government is "closely monitoring the situation and is prepared to take necessary measures."
reporter
Park Sae-jin
swatchsjp@ajunews.com
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