Semiconductor Exports Hit Another All-Time High... Nearly Triple by the 20th of This Month

Korea Customs Service Releases Trade Figures for August 1-20
Total Exports Reach $55.2 Billion, Trade Surplus Hits $14 Billion

Semiconductor exports have continued their strong performance this month. As a result, both total exports and semiconductor exports from August 1 to 20 reached the highest levels ever recorded for the month of August.

According to figures announced by the Korea Customs Service on August 21, export value stood at 55.2 billion dollars, marking a 56.0% increase compared to the same period last year. This surpasses the previous record of 35.4 billion dollars set in September of last year, breaking the record for the highest value during this period.

The number of working days was 14, which is 0.5 days fewer than the same period last year. When adjusted for working days, the daily average export value increased by 61.5% to 3.94 billion dollars.

The growth in exports was, once again, led by semiconductors. From the beginning of the month to the 20th, semiconductors recorded exports of 26.032 billion dollars, setting a new all-time high. Exports of petroleum products (up 56.4%), steel products (up 9.7%), and computer peripheral devices (up 242.1%) also increased, while passenger cars (down 45.1%) and ships (down 60.5%) decreased. Consequently, the proportion of semiconductors in total exports rose by 22.5 percentage points to 47.2%.

By country, exports increased to China (up 118.6%), the United States (up 59.4%), Vietnam (up 67.4%), Hong Kong (up 245.5%), and Malaysia (up 261.2%). Exports to the European Union (EU, down 3.2%) and Singapore (down 23.4%) decreased.

From August 1 to 20, imports reached 41.2 billion dollars, an increase of 19.0% compared to the same period last year. By item, imports of semiconductors (up 59.4%), crude oil (up 17.0%), semiconductor manufacturing equipment (up 89.3%), and machinery (up 10.2%) all rose, while gas (down 17.1%) decreased. Despite the decline in gas imports, rising imports of crude oil (up 17.0%) and coal (up 52.5%) led to an 11.1% overall increase in total energy imports (crude oil, gas, and coal). Among the top 10 major countries, imports increased for nine out of ten, with the exception of Saudi Arabia (down 22.2%), including China (up 27.9%), the United States (up 23.5%), the EU (up 17.4%), Japan (up 34.1%), and Vietnam (up 17.6%).

As exports grew much faster than imports, the trade balance from August 1 to 20 posted a surplus of 13.975 billion dollars. As a result, the cumulative trade surplus for this year grew to 181.735 billion dollars.

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