'Another All-Time High' in Semiconductor Exports... "Total Annual Exports Likely to Hit USD 1 Trillion" (Comprehensive)

Ministry of Trade Releases August Export-Import Trends

Total Exports Exceed USD 90 Billion for Three Consecutive Months

Semiconductor Exports Reach USD 46.65 Billion, Surpassing USD 40 Billion for Third Straight Month

Strong semiconductor exports continued to lead the overall export growth in August. Semiconductor exports reached USD 46.65 billion last month alone, surpassing the previous all-time high record of USD 44.8 billion set in June this year. Thanks to robust demand for semiconductors, total exports hit USD 98.25 billion, topping USD 90 billion for the third month in a row. The government forecasts that total exports this September will surpass last year’s annual performance.

According to the "Export and Import Trends - August 2026" released by the Ministry of Trade, Industry and Energy on September 1, exports last month amounted to USD 98.25 billion, a 68.7% increase compared to the same month last year. On a monthly basis, this is the third highest figure on record, after June (USD 102.0 billion) and July (USD 99.0 billion) of this year.

The Ministry expects that cumulative exports through September this year will exceed the entire export volume of last year. Kang Gamchan, Director General for Trade and Investment, said, "As of now (cumulative from January to August), we have recorded USD 693.3 billion, and it is highly likely that by next month (January to September), we will surpass last year's record of USD 709.7 billion," adding, "Looking at the annual figure as well, the likelihood of reaching USD 1 trillion has increased significantly."

◆Semiconductors up 209%... Non-semiconductor items up 20% = As expected, semiconductors led the export growth last month. Semiconductor export value was USD 46.65 billion, up 209% year-on-year, while exports of non-semiconductor items rose by 20%. An official from the Ministry explained, "Thanks to expanded capital investments by hyperscalers like Google and Amazon, demand for artificial intelligence (AI) infrastructure has remained solid, leading to this record-breaking performance." The official added, "Semiconductor export value has surpassed USD 40 billion for three consecutive months, achieving excellent results."

Semiconductor exports have been breaking new all-time monthly records. The highest-ever is last month’s record of USD 46.7 billion, followed by June this year (USD 4.8 billion) and July (USD 41.0 billion). Computer exports (USD 6.24 billion, up 419.5%) also posted the highest monthly performance ever, driven by continued price increases for NAND—the core component of enterprise solid-state drives (SSDs). Wireless communication device exports (USD 1.88 billion, up 21.2%) grew for the tenth consecutive month, boosted by rising sales of new products such as the Galaxy S26 and Z Fold/Flip 8 series.

The Asia Business Daily Database

Automobile exports (USD 3.85 billion, down 29.8%) declined temporarily due to a base effect from the shift in major manufacturers’ summer vacations (from late July 2025 to early August 2026), and production disruptions from partial strikes. Ship exports (USD 1.69 billion, down 45.9%) also decreased, as delivery volumes fell.

Petroleum product exports (USD 6.84 billion, up 65.3%) and petrochemical exports (USD 3.86 billion, up 12.2%) saw double-digit growth rates due to higher export prices amid rising oil prices caused by instability in the Strait of Hormuz. However, shipment volumes declined by 2.2% for petroleum products and 7.0% for petrochemicals. Secondary battery exports (USD 600 million, up 24.0%) grew for the fourth consecutive month, driven by rising mineral prices such as lithium, increased orders for new EV batteries, and activating demand in the energy storage system (ESS) market.

Steel exports (USD 2.11 billion, up 7.9%) to the European Union declined due to the introduction of a tariff-rate quota (TRQ), but shipments of steel sheets and steel to the United States increased thanks to expansion in AI data center construction, resulting in positive growth for three months in a row. General machinery exports (USD 3.53 billion, up 1.8%) remained flat, offsetting the impact of stronger tariffs and global competition in the U.S. with partial tariff reductions on some items.

Bio-health exports (USD 1.41 billion, up 22.3%) recorded their highest figure for August, as European bids for biosimilar product lines led to expanded supply and increased prescriptions. Cosmetics (USD 1.31 billion, up 52.1%) and agricultural and marine food exports (USD 980 million, up 1.5%) also hit all-time highs for August, thanks to enhanced recognition and rising preference for K-beauty and K-food.

By region, exports to China (USD 24.1 billion, up 119.3%) topped USD 20 billion for the third month running, as strong growth in semiconductors and general machinery offset sluggish performance in petrochemicals, wireless communications, and displays. U.S. exports (USD 16.5 billion, up 89.3%) saw declines in automobile volumes due to summer shutdowns and increased local production in the U.S., but semiconductor and computer exports posted triple-digit growth; steel and petroleum products also performed well. ASEAN exports (USD 19.09 billion, up 75.4%) reached an all-time August high due to broad-based growth in semiconductors, petroleum products, and displays. EU exports (USD 6.62 billion, up 14.6%) continued a nine-month positive streak, driven by semiconductors and petroleum products, despite weak auto exports. In contrast, exports to the Middle East (USD 1.19 billion, down 15.0%) declined, as key categories like automobiles, general machinery, and petrochemicals all saw decreases.

◆Trade surplus exceeds USD 30 billion for three consecutive months = Imports in August rose by 22.5% to USD 63.51 billion, with energy imports (USD 12.68 billion) up 15.3% and non-energy imports (USD 50.83 billion) rising by 24.4%. The volume of crude oil imports dropped by 3%, but import prices surged by 26%, resulting in a 21.2% increase in import value to USD 8.3 billion. Non-energy imports were bolstered by growth in semiconductor equipment (USD 2.57 billion, up 117.3%) and non-ferrous metals (USD 2.19 billion, up 27.6%).

As exports outpaced imports, last month’s trade balance recorded a surplus of USD 34.75 billion—up USD 28.34 billion year-on-year—surpassing USD 30 billion for three straight months. The cumulative surplus for January to August this year stood at USD 202.5 billion, an increase of USD 162.2 billion compared to the same period last year.

Kim Jungkwan, Minister of Trade, Industry and Energy. Photo by Dongju Yoon

Kim Jungkwan, Minister of Trade, Industry and Energy, said, "While semiconductor exports remain strong, non-semiconductor export categories are also posting a high growth rate of 20%, further widening our export base. Given the heightened uncertainty facing our companies from the aggressive protectionism of major countries—such as U.S. tariff policy and the TRQ in the EU—global supply chain reorganization, and instability in the Middle East, the government will not become complacent about the current export boom and will continue to closely monitor how changes in the trade environment impact the export activities of our companies."

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