Record High Exports in August Despite Sharp Decline in Exports to the US.. Driven by 'Semiconductors, Automobiles, Ships'

[Financial News] Despite a sharp decline in exports to the US, August exports recorded 58.4 billion dollars, marking the highest level ever for August. The decline in exports to the US was offset by exports to ASEAN, thanks to the strong performance of 'semiconductors, automobiles, and ships'.
 On the 1st, the Ministry of Trade, Industry and Energy announced that August exports increased by 1.3% compared to the same month last year, totaling 58.4 billion dollars. Despite one less working day compared to the same period last year, the monthly export record was broken for three consecutive months. Imports decreased by 4% to 51.89 billion dollars, and the trade balance recorded a surplus of 6.51 billion dollars.
 By item, semiconductor exports increased by 27.1% to 15.1 billion dollars, renewing the record for the highest export amount in two months, as demand for servers remained strong and memory fixed prices continued to trend positively.
 Automobile exports recorded the highest performance ever for August at 5.5 billion dollars, as both pure electric vehicles (EV) and hybrid cars showed an increasing trend, and used car exports also expanded. This is an 8.6% increase compared to the same period last year.
 Ship exports increased by 11.8% to 3.14 billion dollars, maintaining a positive trend for six consecutive months, as the delivery of ships ordered at high prices in 2022-2023 continued. On the other hand, petroleum products (4.17 billion dollars, -4.7%) and petrochemicals (3.38 billion dollars, -18.7%) continued to decline as export prices fell due to falling oil prices and global oversupply.
 By region, exports to the US decreased by 12% to 8.74 billion dollars, as major export items such as automobiles, general machinery, and steel decreased. This is the largest decline since the 29.4% decrease in May 2020 during the COVID-19 pandemic. However, major tariff-exempt items such as semiconductors and wireless communication devices showed an increasing trend, partially mitigating the decline.
 Exports to China recorded a similar amount to the same month last year at 11.01 billion dollars, influenced by the increase in semiconductors. Exports to ASEAN recorded the highest performance ever for August at 10.89 billion dollars, growing by 11.9% compared to the same period last year, driven by strong performances in semiconductors and ships.
 Kim Jeong-gwan, Minister of Trade, Industry and Energy, stated, "Despite the difficult external conditions such as the US tariff policy, the firm competitiveness and dedication to exports of our companies have resulted in this achievement," adding, "We plan to announce and promote support measures in early September to minimize the damage to small and medium-sized enterprises caused by US tariff measures."

aber@fnnews.com Park Ji-young Reporter