Semiconductor Exports Reach $10 Billion by August 10... 'Record High' for August

Korea Customs Service: Export and Import Status for August 1–10

Total Exports Reached $21.3 Billion, Up 45.3%

Trade Surplus of $1.8 Billion Recorded

Semiconductor exports continue to perform strongly this month, with both semiconductor and total exports reaching all-time highs for August.

According to the “Export and Import Status for August 1–10,” released by Korea Customs Service on August 11, export volume reached 21.3 billion dollars, up 45.3% from the same period last year. This surpasses the previous August record of 15.6 billion dollars set in 2022, making it the highest ever for the month of August.

Cargo is stacked on a container ship docked at Busan Port. Photo by Jinhyung Kang

The number of working days during the first 10 days of this month was seven, the same as last year. Taking this into account, average daily exports stood at 3.04 billion dollars, also a 45.3% increase.

Semiconductors, which set a record high for August, led the overall growth in exports. Compared to the same period last year, exports increased for semiconductors (up 155.4%), petroleum products (up 65.3%), steel products (up 4.3%), and computer peripherals (up 139.5%). By contrast, exports decreased for wireless communication devices (down 9.1%), auto parts (down 36.3%), and passenger vehicles (down 80.9%). The share of semiconductor exports rose by 20.1 percentage points to 46.8%. By country, exports increased to China (up 134.8%), Vietnam (up 45.4%), Hong Kong (up 259.4%), and the European Union (EU, up 57.2%), while exports to the United States (down 0.2%), Taiwan (down 4.4%), and Singapore (down 70.7%) declined.

Imports for August 1–10 amounted to 19.5 billion dollars, up 23.1% from the same period a year ago. By item, imports rose for semiconductors (up 90.8%), semiconductor manufacturing equipment (up 77.3%), and machinery (up 25.4%), while imports of crude oil (down 16.9%), gas (down 10.0%), and petroleum products (down 33.3%) decreased. Total imports of energy (crude oil, gas, coal) also fell by 13.8%. By country, imports increased from China (up 48.3%), the United States (up 38.2%), Japan (up 47.3%), and the EU (up 15.9%), but decreased from Saudi Arabia (down 37.7%) and Australia (down 11.0%).

Thanks to higher exports than imports, the trade balance recorded a surplus of 1.798 billion dollars. As a result, the cumulative trade surplus from January 1 to August 10 this year increased to 169.558 billion dollars.

This content was produced with the assistance of AI translation services.