August ICT Exports Hit Record High of Nearly $60 Billion, Surging on Soaring AI Demand

ICT Export Share Surpasses 60% for the First Time Ever
Record-High Trade Surplus Achieved

Last month, domestic ICT exports set a new all-time high, approaching 60 billion dollars (approximately 80.72 trillion won), driven by a surge in demand for artificial intelligence (AI).

The Ministry of Science and ICT and the Ministry of Trade, Industry and Energy announced the ICT export and import trends for August on September 14.

In August, ICT exports amounted to approximately 59.98 billion dollars, marking a 162.6% increase compared to August of the previous year (22.84 billion dollars). Imports during the same period reached 18.61 billion dollars, a 48.8% increase from the same month a year ago (12.51 billion dollars). Last month, the trade surplus was 41.37 billion dollars (approximately 55.64 trillion won).

With these figures, Korea’s ICT exports surpassed 50 billion dollars for the third consecutive month, again reaching a new monthly record high. The trade surplus, for the first time ever, exceeded 40 billion dollars, also setting a new record. The proportion of ICT in Korea’s total exports (98.25 billion dollars) reached 61%, surpassing 60% for the first time in history.

By product, semiconductors achieved a monthly record of 46.67 billion dollars, buoyed by AI computing demand and rising memory prices. Semiconductor exports have now exceeded 40 billion dollars for three consecutive months, while the growth rate has remained above 100% for eight consecutive months.

Computers and related devices saw a record 6.4 billion dollars in exports, up 383.1% year-on-year, thanks to increased exports of enterprise solid-state drives (SSD) for expanded AI data processing. Mobile phone exports, including strong shipments of premium new models and an increase in parts exports, reached 1.64 billion dollars.

On the other hand, display exports decreased to 1.69 billion dollars, a 7% decline year-on-year, as OLED exports for finished products such as mobile phones dropped due to mounting pressure from reductions in OLED unit prices. Communications equipment exports recorded 210 million dollars, up 11.5%, driven by increased demand for telecommunications components exported to Vietnam, automotive electronic equipment to India, and wireless communications equipment to Japan.

By region, export performance increased across all major markets: United States (up 306.5%), China (including Hong Kong, up 227.9%), India (up 126.7%), Vietnam (up 81.4%), Japan (up 72.4%), Taiwan (up 54.3%), and the European Union (up 49.1%).

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