S. Korea’s exports surge 45.3% in early August on strong chip demand

Outbound shipments reached 21.3 billion US dollars between August 1 and 10, up from 14.6 billion US dollars during the same period last year. It was the highest export figure ever recorded for the first 10 days of August, according to the Korea Customs Service.

Imports also increased, rising 23.1 percent year over year to 19.5 billion US dollars, leaving the country with a trade surplus of 1.8 billion US dollars for the period.

Chip exports soared 155.4 percent to 9.95 billion US dollars, continuing their strong performance amid the global artificial intelligence boom.

Chips accounted for 46.8 percent of total exports during the period, an increase of 20.1 percentage points from a year earlier.

Petroleum product exports also recorded strong growth, climbing 65.3 percent to 1.99 billion US dollars. Automobile exports, however, plunged 80.9 percent to 182 million US dollars.

By destination, exports to China more than doubled to 6.7 billion US dollars, while shipments to Vietnam rose 45.4 percent to 2.39 billion US dollars.

Exports to the United States, one of South Korea’s key trading partners, edged down 0.2 percent to 2 billion US dollars.

Cumulative exports through Monday reached 616.3 billion US dollars this year, marking a 50.3 percent increase from the same period a year earlier. South Korea’s trade surplus for the year so far stands at 169.5 billion US dollars.

Earlier, Qazinform reported Kazakhstan and South Korea expand investment partnership.