SEOUL: Korea’s exports extended on-year gains to the 11th straight month in August, data showed Sunday, driven by the strong demand for semiconductors.

Outbound shipments rose 11.4 percent on-year to US$57.9 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports added 6 percent on-year to $54 billion, resulting in a trade surplus of $3.83 billion. Korea has been maintaining a trade surplus for 15 consecutive months.

By sector, exports of chips jumped 38.8 percent on-year in August to $11.9 billion, extending gains for 10 consecutive months. It also marked the highest volume for any August.

Outbound shipments of ships jumped 80 percent on-year to reach $2.8 billion. Exports of petroleum products gained 1.4 percent to $4.5 billion, marking six straight months of gains.

Exports of automobiles, on the other hand, fell 4.3 percent to $5.1 billion as production was partially disrupted due to renovations and wage negotiations.

By destination, exports to China
shot up 7.9 percent to $11.4 billion, driven by strong performance in semiconductors and mobile devices. Exports to Korea’s top trading partner remained above $10 billion for six consecutive months.

Outbound shipments to the United States also jumped 11.1 percent to $10 billion, marking the highest volume for any August.

“With overall exports reaching the highest amount for any August and shipments to major trade partners maintaining growth, the country is on the path for record exports,” Industry Minister Ahn Duk-geun said in a statement carried by state news agency Yonhap.

Ahn added that geopolitical uncertainties in the Middle East still pose a threat to Korea’s exports, noting that the government will continue to monitor related situations and offer necessary measures.

Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties.

Source: Emirates News Agency