‘Another All-Time High’ for Semiconductor Exports... Up 209% in August (Update)

Ministry of Trade, Industry and Energy Announces August Export-Import Trends
Total exports exceed $90 billion for third consecutive month
Semiconductor exports reach $46.65 billion, topping $40 billion for three consecutive months

Semiconductor exports hit an all-time high once again in August. Exports reached $46.65 billion last month alone, surpassing the previous record of $44.8 billion set in June 2026. Thanks to the strong performance in semiconductors, total exports also recorded $98.25 billion, marking the third consecutive month that exports exceeded $90 billion.

According to the Ministry of Trade, Industry and Energy's "Export and Import Trends for August 2026" released on September 1, last month’s exports amounted to $98.25 billion, a 68.7% increase from the same month a year earlier. On a monthly basis, this is the third highest figure in history, following $102.0 billion in June 2026 and $99.0 billion in July 2026.

The Asia Business Daily DB

◆Semiconductors up 209%... Other products up 20%＝ Once again, the surge in exports last month was driven primarily by semiconductors. Semiconductor exports amounted to $46.65 billion, an increase of 209% year-on-year, while exports of non-semiconductor items rose by 20%. A ministry official explained, "The all-time record was driven by robust demand for artificial intelligence (AI) infrastructure as hyperscalers like Google and Amazon continued to increase facility investments. As a result, semiconductor export revenue has remained above $40 billion for three consecutive months."

Semiconductor exports have been setting new records every month. The highest ever was last month’s $46.7 billion, followed by $4.8 billion in June and $41.0 billion in July 2026. Computer exports ($6.24 billion, up 419.5%) also broke all historical monthly records, thanks to continued increases in the price of NAND, a key component of enterprise solid-state drives (SSDs). Wireless communication device exports ($1.88 billion, up 21.2%) maintained a positive trend for the tenth straight month as sales of new products such as Galaxy S26 and Z Fold·Flip 8 continued to grow.

Exports of automobiles ($3.85 billion, down 29.8%) temporarily decreased due to effects such as the rescheduling of major automakers’ summer vacations (from late July 2025 to early August 2026) and production disruptions from partial strikes. Ship exports ($1.69 billion, down 45.9%) also declined as delivery volumes dropped.

Exports of petroleum products ($6.84 billion, up 65.3%) and petrochemicals ($3.86 billion, up 12.2%) both recorded double-digit growth, driven by higher export prices resulting from oil price increases amid shipping uncertainty in the Strait of Hormuz. However, export volume decreased by 2.2% for petroleum products and by 7.0% for petrochemicals. Secondary battery exports ($600 million, up 24.0%) continued a four-month streak of positive growth, supported by higher unit prices for minerals such as lithium, increased orders for electrified vehicle batteries, and a more active energy storage system (ESS) market.

Steel exports ($2.11 billion, up 7.9%) to the European Union fell due to the introduction of the low-tariff rate quota (TRQ), but sheet steel and other products to the United States increased as the U.S. ramped up construction of AI data centers, resulting in a third consecutive month of gains. General machinery exports ($3.53 billion, up 1.8%) remained steady as reductions in tariffs for some products offset U.S. tariffs and intensifying global competition.

Bio-health exports ($1.41 billion, up 22.3%) achieved the highest August performance on record as supply and prescriptions for biosimilar products increased on the back of successful bid wins in Europe. Cosmetics exports ($1.31 billion, up 52.1%) and agri-fishery food exports ($980 million, up 1.5%) also set new August records as global recognition and preference for K-Beauty and K-Food continued to grow.

By region, exports to China totaled $24.1 billion (up 119.3%), with strong gains in semiconductors and general machinery more than offsetting weakness in petrochemicals, wireless communication devices, and displays, making it the third month in a row above $20 billion. Exports to the United States ($16.5 billion, up 89.3%) saw decreases in automobiles due to lower production from summer vacations and increased U.S. local production, but semiconductors and computers both posted triple-digit growth, and steel and petroleum products also performed well. Exports to ASEAN ($19.09 billion, up 75.4%) achieved the highest August result on record thanks to broad-based gains in semiconductors, petroleum products, and displays. Exports to the EU ($6.62 billion, up 14.6%) maintained a nine-month streak of growth as strength in semiconductors and petroleum products offset weak auto exports. In contrast, exports to the Middle East ($1.19 billion, down 15.0%) declined as falling auto sales combined with decreases in general machinery, petrochemicals, and other major items.

Cargo is stacked on a container ship docked at Busan Port. Photo by Jin-Hyung Kang

◆Trade surplus exceeds $30 billion for third consecutive month＝ Imports in August amounted to $63.51 billion, a 22.5% increase. Energy imports ($12.68 billion) rose 15.3%, while non-energy imports ($50.83 billion) rose 24.4%. While crude oil import volumes fell 3%, import unit prices rose 26%, driving the total crude oil import value up by 21.2% to $8.3 billion. In non-energy categories, semiconductor equipment ($2.57 billion, up 117.3%) and non-ferrous metals ($2.19 billion, up 27.6%) recorded increases.

With exports outpacing imports, the trade surplus last month increased by $28.34 billion year-on-year to $34.75 billion, staying above $30 billion for the third consecutive month. The cumulative trade surplus from January to August reached $202.5 billion, up $162.2 billion from the same period last year.

Minister of Trade, Industry and Energy Kim Jeonggwan stated, "While semiconductor export strength continues, exports of non-semiconductor products also increased at a high 20% rate, broadening the base of our exports. However, with increased protectionism in the form of U.S. tariff policy and the EU’s TRQ, global supply chain restructuring, and Middle East unrest, the trade environment for Korean companies is more uncertain than ever. The government will not become complacent with current export momentum and will rigorously monitor how changes in the trade environment affect Korean exports."

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