Early-August Exports Hit a Record $21.3 Billion... Semiconductors Come Close to Dominating

[Financial News] Exports from August 1 to 10 rose 45.3% from a year earlier to $21.3 billion, marking the highest level ever for the same period in August. Semiconductor exports jumped 155.4% to $10 billion, accounting for nearly half of total exports and driving the overall increase.
According to preliminary data released by the Korea Customs Service (KCS) on the import and export status for August 1-10, exports during the period reached $21.3 billion, up 45.3% from the same period last year. That was the largest figure ever recorded for the early-August period, surpassing the previous high of $15.6 billion set on August 1-10, 2022.
Average daily exports, adjusted for the number of working days, also came to $3.04 billion, up 45.3% from $2.09 billion a year earlier. The number of working days during the period was 7.0, unchanged from last year.
By item, semiconductors were by far the biggest export driver. Semiconductor exports rose 155.4% from a year earlier to $10 billion, setting a record for the early-August period. Their share of total exports also climbed to 46.8%, up 20.1 percentage points from the same period last year. Exports of petroleum products (65.3%) and computer peripherals (139.5%) also increased. However, exports of wireless communication devices fell 9.1% year on year.
By destination, exports to China led the overall rise with a 134.8% increase. Shipments to Hong Kong (259.4%), the European Union (EU) (57.2%), and Vietnam (45.4%) also posted strong gains across major markets. In contrast, exports to the United States fell 0.2%. Exports to the top three markets — China, Vietnam, and the United States — accounted for 52.5% of the total.
Imports during the same period were estimated at $19.5 billion, up 23.1%.
By item, imports of semiconductors (90.8%) and semiconductor manufacturing equipment (77.3%) rose sharply, while crude oil (-16.9%) and gas (-10.0%) declined. Imports of energy items such as crude oil, gas, and coal fell 13.8%.
By country, imports from China (48.3%), the United States (38.2%), Japan (47.3%), and the EU (15.9%) increased, while imports from Saudi Arabia fell 37.7%. As a result, the trade balance for August 1-10 posted a surplus of $1.8 billion, extending the country’s overall surplus trend in a stable manner.

[email protected] Kim Won-joon Reporter