Korean media: South Korea’s exports surge again, with shipments to China jumping 119%!
On October 9, the Korean newspaper JoongAng Ilbo published an article stating that South Korea’s export volume has exceeded $90 billion for three consecutive months and has grown year-on-year for 15 straight months.
According to data released by South Korea’s Ministry of Industry, Trade, and Energy, the country’s total exports in August reached $98.25 billion, a year-on-year increase of 68.7%. On a monthly basis, this figure ranks as the third-highest in history, behind June’s $102.25 billion and July’s $98.88 billion. Adjusted for working days, daily export value amounted to $44.7 billion—continuing the fourth month in a row above the $4 billion threshold.
The semiconductor sector was the primary driver behind the export growth. Semiconductor exports in August reached $46.65 billion, surging 209.0% year on year and setting a record high. This was largely due to increased investments by companies such as Google and Amazon, along with rising demand for infrastructure related to artificial intelligence. Additionally, South Korea exported $6.24 billion worth of computers and $1.88 billion in wireless communication devices.
Consumer goods exports also showed strong performance. Exports of biopharmaceuticals rose 22.3% year on year to $1.41 billion, while cosmetics exports climbed 52.1% to $1.31 billion. Overall, 14 out of the top 20 major commodities recorded export growth.
Regionally, exports to seven of South Korea’s nine key destinations posted robust gains. Notably, exports to China ($24.1 billion) and the United States ($16.5 billion) grew by 119.3% and 89.3%, respectively. However, exports to the Middle East declined by 15.0% to $1.19 billion, primarily due to weak automobile sales.
Imports in August totaled $63.51 billion, up 22.5% year on year. Specifically, energy imports rose 15.3% to $12.68 billion, while non-energy imports increased 24.4% to $50.83 billion. As a result, South Korea’s trade surplus in August reached $34.75 billion. The cumulative surplus from January to August stood at $202.5 billion, an increase of $162.2 billion compared to the same period last year.
Kim Jeong-won, Minister of Industry, Trade, and Energy, stated: “Exports in August maintained a strong upward trend, surpassing $90 billion.” He added: “Given the heightened uncertainty stemming from U.S. tariff policies, the rise of protectionism in major economies, global supply chain restructuring, and ongoing developments in the Middle East, we will not be complacent about current export performance. We remain vigilant regarding how evolving trade conditions may affect businesses’ export activities.”
Original source: toutiao.com/article/1878571989435456/
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