August Exports Up 34.9%... Cumulative Exports Reach $400 Billion in Record Time (Comprehensive)

Surpassing $50 Billion Monthly for 6 Consecutive Months
All 15 Major Items Achieve Double-Digit Growth for the First Time Ever

[Sejong=Asia Economy Reporter Kim Hyunjung] Last month, exports increased by 34.9% compared to August of last year, marking the highest ever for August. The cumulative export amount surpassed $400 billion in the shortest period ever.

The Ministry of Trade, Industry and Energy announced on the 1st that the export amount for August was $53.23 billion, a 34.9% increase compared to the same period last year. Accordingly, monthly export amounts have increased for 10 consecutive months since November last year.

Looking at the monthly export growth rates, following 16.3% in March, there were double-digit increases for six consecutive months: 41.2% in April, 45.6% in May, 39.8% in June, and 29.6% in July. During this period, monthly export amounts also exceeded $50 billion. Last month, the number of working days was 23, one more than August last year, but the average daily export amount considering working days was also $2.31 billion, the highest ever for August.

The cumulative export amount from January to August this year was $411.9 billion, surpassing $400 billion in the shortest period ever. While key industries such as semiconductors, petrochemicals, and general machinery led the performance, new industry sectors including biohealth, secondary batteries, agricultural and marine food products, and cosmetics also performed well. Notably, all 15 major key items showed double-digit growth for the first time ever, demonstrating a strong trend.

Semiconductors exceeded $10 billion in export value for four consecutive months, with August exports reaching $11.7 billion, the highest performance this year. Petrochemicals surged by 81.5% compared to August last year, exporting $4.98 billion worth due to rising oil prices and a sharp increase in demand from upstream industries such as construction and automobiles. This is the highest monthly export record ever, emerging as the second-largest export item following semiconductors.

By region, exports to the nine major markets including China, the United States, the EU, and ASEAN increased for five consecutive months. In particular, exports to new southern markets such as ASEAN and India recorded the highest ever for August despite concerns over production base disruptions due to the spread of the Delta variant. The Ministry of Trade, Industry and Energy analyzed that the impact of COVID-19 on exports has been limited so far.

An official from the Ministry said, "Although there are some concerns about a slowdown in export growth in the second half, the strong trend from the first half is continuing. The recovery and rebound of global trade are progressing faster than expected, and the strengthening competitiveness of our export items and balanced growth across all items are positive aspects."

However, given the persistent risks such as the global spread of the Delta variant and logistics disruptions, the Ministry stated it will make every effort to actively respond to future risks and maintain export momentum in the second half of the year.

Last month, imports increased by 44.0% to $51.56 billion, and the trade balance recorded a surplus of $1.67 billion, continuing a surplus for 16 consecutive months.

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