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

Ministry of Trade Releases August Trade Report

Total Exports Surpass $90 Billion for Third Consecutive Month

Semiconductor Exports at $46.65 Billion, Staying Above $40 Billion for Third Month Straight

Semiconductor exports set another all-time record in August. Exports for the month reached $46.65 billion, surpassing the previous record of $44.8 billion established in June of this year. Thanks to booming semiconductor exports, Korea’s total exports amounted to $98.25 billion in August, marking the third consecutive month that exports exceeded $90 billion.

According to the Ministry of Trade, Industry and Energy’s “Import and Export Trends for August 2026” released on September 1, export volume last month was $98.25 billion, up 68.7% from the same month last year. On a monthly basis, it marked the third highest in history, trailing only June ($102 billion) and July ($99 billion) of this year.

The Asia Business Daily DB

◆Semiconductors Up 209%... Non-Semiconductors Up 20% = The continued growth in exports last month was once again led by semiconductors. Semiconductor exports amounted to $46.65 billion, representing a 209% increase year-on-year, while exports of non-semiconductor items grew by 20%. An official from the Ministry of Trade, Industry and Energy explained, "The expansion of facility investments by hyperscalers like Google and Amazon has led to strong, continued demand for artificial intelligence (AI) infrastructure, setting new record highs," and added, "Semiconductor exports have remained above $40 billion for three consecutive months, sustaining strong results."

Semiconductor exports are hitting new all-time highs every month. The top record is last month’s $46.7 billion, followed by $4.8 billion in June and $41 billion in July of this year. Computer exports ($6.24 billion, up 419.5%) also set a new monthly record for all periods, as NAND prices—the key component in enterprise solid-state drives (SSDs)—continued to surge. Exports of wireless communication devices ($1.88 billion, up 21.2%) extended their growth streak to 10 months, pushed by higher sales of new products such as Galaxy S26 and Z Fold/Flip 8.

Automobile exports ($3.85 billion, down 29.8%) fell temporarily due to the scheduling of major manufacturers’ summer vacations (from late July 2025 to early August 2026) and partial production disruptions caused by strikes, resulting in a base effect. Ship exports ($1.69 billion, down 45.9%) were also down due to a decrease in delivery volumes.

Exports of petroleum products ($6.84 billion, up 65.3%) and petrochemicals ($3.86 billion, up 12.2%) both recorded double-digit growth rates as rising oil prices, triggered by concerns over the safety of passage through the Strait of Hormuz, led to sustained high export prices compared to last year. However, export volumes declined by 2.2% for petroleum products and 7.0% for petrochemicals. Exports of secondary batteries ($600 million, up 24.0%) achieved positive monthly growth for the fourth consecutive month, as the rebound in unit prices driven by higher mineral prices such as lithium, together with increased orders for new electric vehicle products and the activation of the energy storage system (ESS) market, contributed to the result.

Steel exports ($2.11 billion, up 7.9%) to the European Union (EU) decreased as a result of the introduction of low tariff rate quotas (TRQ) by the EU, but shipments to the United States increased for items like plates and steel materials, driven by the country’s expansion of AI data center construction, resulting in positive growth for three consecutive months. Exports of general machinery ($3.53 billion, up 1.8%) maintained a steady trend despite U.S. tariff barriers and intensified global competition, thanks in part to tariff reductions for some items.

Exports of bio-health products ($1.41 billion, up 22.3%) hit an all-time high for the month of August due to the success of biosimilar product lines winning European tenders, which led to increases in volume and prescriptions. Cosmetics ($1.31 billion, up 52.1%) and agri-fishery products ($980 million, up 1.5%) also set new August records, as global recognition and preference for K-beauty and K-food continued to rise.

By region, exports to China ($24.1 billion, up 119.3%) exceeded $20 billion for three consecutive months, as robust gains in semiconductors and general machinery offset sluggish performance in petrochemicals, wireless communication devices, and displays. Exports to the United States ($16.5 billion, up 89.3%) saw a decrease in automobile shipments due to reduced production during the summer vacation period and increased U.S. local production, but exports of semiconductors and computers soared with triple-digit growth, while steel and petroleum product exports were also solid. Exports to ASEAN countries ($19.09 billion, up 75.4%) posted a new August record thanks to broad-based increases across key items such as semiconductors, petroleum products, and displays. Exports to the EU ($6.62 billion, up 14.6%) maintained positive momentum for the ninth consecutive month, as increases in semiconductors and petroleum products offset weak auto exports. By contrast, exports to the Middle East ($1.19 billion, down 15.0%) saw declines in most key items, including automobiles, general machinery, and petrochemicals.

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

◆Trade Surplus Above $30 Billion for Three Consecutive Months = Imports in August increased by 22.5% to $63.51 billion, with energy imports ($12.68 billion) up 15.3% and non-energy imports ($50.83 billion) up 24.4%. Crude oil import volumes decreased by 3%, but the unit import price rose by 26%, causing total crude oil imports to jump by 21.2% to $8.3 billion. Imports of non-energy items such as semiconductor equipment ($2.57 billion, up 117.3%) and non-ferrous metals ($2.19 billion, up 27.6%) also increased.

With export growth outpacing import growth, the trade balance in August recorded a surplus of $34.75 billion, an increase of $28.34 billion compared to the previous year, and remained above $30 billion for the third straight month. The accumulated trade balance from January to August this year registered a surplus of $202.5 billion, up $162.2 billion year-on-year.

Minister of Trade, Industry and Energy Kim Jeongkwan commented, "While semiconductor exports remain strong, exports of non-semiconductor items have also achieved a robust 20% growth rate, broadening the base of our exports. As global protectionism is intensifying—due to factors such as U.S. tariffs, the EU's TRQ system, global supply chain restructuring, and instability in the Middle East—the uncertainty facing Korean corporations is greater than ever. Therefore, the government will not be complacent about the current export momentum but will closely monitor how changes in the global trade environment affect our corporate exports."

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