August Exports Up 11.4%... Exports Positive for 11 Consecutive Months (Update)

Exports increased by more than 11% last month, continuing the export growth trend that began in October last year for 11 consecutive months.

On the 1st, the Ministry of Trade, Industry and Energy announced the 'August Export-Import Trends' report containing this information.

Cargo is stacked on a container ship docked at Busan Port. Photo by Kang Jin-hyung aymsdream@

원본보기 아이콘

According to the report, August exports recorded $57.9 billion, an 11.4% increase compared to the previous year, breaking the monthly second-best performance trend that had continued until July this year and achieving the highest-ever performance for August. Despite a decrease in working days by 0.5 days (1 weekday) compared to the previous year, exports increased by double digits (11.4%), maintaining a positive export trend for 11 consecutive months.

In August, exports of 7 out of the 15 major export items increased. Semiconductors, Korea's largest export item, recorded the highest-ever export amount for August at $11.9 billion (38.8%), maintaining over $11 billion for four consecutive months and a positive trend for 10 consecutive months. Computer exports increased by triple digits (183%) to $1.5 billion, marking eight consecutive months of growth, and wireless communication device exports also rose by 50.4% to $1.8 billion, recording positive growth for six consecutive months.

Automobile exports slightly decreased (to $5.1 billion, -4.3%) due to production line modernization work and wage and collective bargaining issues at some companies, leading to a decline in operating rates. However, ship exports ($2.8 billion, 80.0%) turned positive after three months.

Petroleum product exports recorded $4.5 billion (1.4%), continuing to increase for six consecutive months, and petrochemical exports reached $4.2 billion (6.9%), increasing for five consecutive months. Biohealth exports recorded the highest-ever August performance at $1.28 billion (39.0%), increasing for two consecutive months.

Exports increased in 8 out of 9 major markets last month. Exports to China rose by 7.9% to $11.4 billion due to improved IT industry conditions, with increased exports of semiconductors and wireless communication devices, maintaining strong performance above $10 billion for six consecutive months. Exports to the United States also recorded the highest-ever August figure at $10 billion (11.1%), setting a new monthly record for 13 consecutive months.

Exports to the EU reached $6.4 billion (16.1%), turning positive after seven months due to increased exports of ships, wireless communication, and computer IT items. Notably, the August export amount was the highest ever, surpassing the previous record of $6.3 billion in March 2021 after 41 months.

Exports to the three major export markets, ASEAN, recorded $9.8 billion (1.7%), and exports to India ($1.6 billion, 2.3%) increased for five consecutive months. Additionally, exports to Japan ($2.5 billion, 6.8%), Latin America ($2.6 billion, 29.4%), and the CIS ($1 billion, 11.2%) increased for two consecutive months.

Imports in August amounted to $54.07 billion, a 6.0% increase. Energy imports rose by 17.3% to $12.6 billion due to increased crude oil (30.1%) and gas (5.7%) imports.

The trade balance in August recorded a surplus of $3.83 billion, continuing a surplus trend for 15 consecutive months. The cumulative trade balance from January to August recorded a surplus of $30.6 billion, three times the total deficit of $10.3 billion for 2023.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.