August Exports Hit a Record $21.3 Billion, Driven by Semiconductors, Which Accounted for Half

Thanks to a semiconductor boom, exports in early August topped $20 billion for the first time. The concentration of exports among large companies is also deepening. In the second quarter of this year, trade concentration among the top 10 exporters rose above 55%, the highest level on record.
According to the Ministry of Data and Statistics and KCS on the 11th, exports from Aug. 1 to 10, based on customs clearance and preliminary figures, came to $21.3 billion, up 45.3% from the same period last year. For early August, this was the largest figure on record, surpassing the previous high of $15.6 billion in 2022. Average daily exports, adjusted for the number of working days, also rose 45.3% to $3.04 billion from $2.09 billion a year earlier.
Semiconductor exports in particular accounted for nearly half of total exports. From Aug. 1 to 10, semiconductor exports reached $10 billion, soaring 155.4% from a year earlier. That was also a record for the same period. Semiconductors made up 46.8% of total exports, up 20.1 percentage points from a year earlier. It was the second-highest share on record, after 47.0% in early May.
Exports of major items such as petroleum products, up 65.3%, and computer peripherals, up 139.5%, also increased. By destination, exports to China led the overall rise with a 134.8% jump. Shipments to key hub markets also improved across the board, including Hong Kong, up 259.4%, the European Union (EU), up 57.2%, and Vietnam, up 45.4%. Exports to the United States, however, fell 0.2%. The share of exports to the top three destinations, China, Vietnam and the United States, stood at 52.5%.
The record semiconductor boom is intensifying the export concentration among large companies. In the second quarter of this year, trade concentration among the top 10 exporters climbed above 55%, setting a new high.
According to the second-quarter trade statistics by company characteristics released by the Ministry of Data and Statistics on the day, trade concentration among the top 10 exporters, including Samsung Electronics and SK hynix, reached 55.3%, up 17.0 percentage points from a year earlier. Both the concentration level and the size of the increase were the highest on record.
Trade concentration among the top 10 exporters jumped by more than 20 percentage points from 31.1% in the second quarter of 2023. Over the past two years, the figure had fluctuated in the 30% range, but riding the semiconductor supercycle, it first moved into the 40% range in the third quarter of last year. Just two quarters later, it crossed 50% in the first quarter of this year, reaching 50.1%. If the semiconductor boom continues, concentration among the top 10 exporters could approach 60% in the second half of the year.
Total exports in the second quarter of this year were estimated at $275.5 billion, up 57.3% from a year earlier. Large companies led the increase, driven mainly by semiconductors. Exports by large firms surged 81.8% from a year earlier as shipments of capital goods and raw materials increased. Mid-sized companies saw exports rise 10.9%, while small and medium-sized companies posted a 13.1% gain.
By industry, exports increased in mining and manufacturing, up 64.9%, wholesale and retail, up 14.3%, and other industries, up 0.1%, in that order.


[email protected] Jung Sang-gyun Kim Won-joon Reporter