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Korea posts 11th straight month of on-year export growth on back of chip demand

Published: 01 Sep. 2024, 16:17

LEE JAE-LIM
[email protected]

Containers are piled up at Incheon New Port in Songdo International City on Sunday. [NEWS1]

Korea’s exports posted on-year increases for 11 consecutive months in August, thanks to robust demand for semiconductors, data showed Sunday.

Export volume rose 11.4 percent on year to $57.9 billion during the month. Import volume increased 6 percent to $54 billion, resulting in a trade surplus of $3.83 billion, according to data compiled by the Ministry of Trade, Industry and Energy.

By sector, chip exports posted a record-high volume figure of $11.9 billion, surging 38.8 percent on the year.

Chip exports are experiencing on-year gains for 10 consecutive months, posting more than $11 billion for four straight months.

The ministry attributed the surge in demand to the release of smartphones and active investments in AI servers, such as server solid-state drives.

Ship exports jumped 80 percent to $2.8 billion, while petroleum products exports rose 1.4 percent to $4.5 billion.

Outbound shipments of automobiles fell 4.3 percent to $5.1 billion as production was suspended due to renovations, wage negotiations and a decline in EV exports.

Steel exports also dipped 1.7 percent to $2.81 billion due to heightened competition in the global market.

By country, export volume to China, Korea’s top trading partner, grew 7.9 percent to $11.35 billion. Outbound shipments to the U.S. gained 11.1 percent to $9.96 billion, while export volume for the European Union logged a record high of $6.43 billion, with a 16.1 percent on-year increase.

BY LEE JAE-LIM [[email protected]]