South Korea achieved a historic export milestone in August, marking its highest monthly export performance ever. The surge was driven by solid growth in eight of nine major global markets, with notable gains in the European Union (EU), where exports reached an all-time high. Increased shipments of IT products were key to this success. Exports to China exceeded $10 billion for the sixth consecutive month, positioning South Korea to meet its $700 billion export target for the year.
According to the August Export-Import Trends report released by the Ministry of Trade, Industry, and Energy, exports rose by 13.9% from July, reaching $57.9 billion. This figure surpasses the previous record of $56.6 billion set in August 2022, making it the highest monthly export total for August ever recorded.
Regionally, eight out of nine major export markets achieved positive growth. Only the Middle East saw a decline in exports, while exports to key countries like the U.S. and China increased.
Exports to the three main markets—the United States, China, and ASEAN—have recorded simultaneous positive growth for five consecutive months since April. Exports to China increased by six straight months until August. China recorded a cumulative total of $86.2 billion (+6.9%) from January to August, solidifying its position as the largest export market. Semiconductor, display, and wireless communication products, the main export items to China, drove this export growth.
Exports to the U.S. have set monthly records for 13 months in a row, fueled by robust sales of IT products like semiconductors and computers. The cumulative export total from January to August is $84.7 billion, up 15.5% from the previous year. Although car exports slightly declined, strong demand in sectors such as AI servers drove substantial increases in semiconductor (up 134.5%) and computer (up 332.8%) exports.
Exports to ASEAN and India also rose for five consecutive months, while exports to Japan, Latin America, and the CIS increased for two months. Notably, exports to the EU turned positive for the first time in seven months, reaching a record high.
The surge in EU exports was primarily driven by strong sales of IT products, including computers and wireless communications. Additionally, ship exports jumped by 50.5%, exceeding $6.43 billion and breaking the previous record of $6.33 billion set in March 2021.
In Vietnam, the largest ASEAN market, demand for IT products like semiconductors, wireless communications, and petrochemicals remained strong.
The only region to experience a decline in exports was the Middle East, which saw a 2.6% drop. While exports of oil products increased, key items such as steel struggled due to intensified global competition and falling prices. The growth in oil product demand is attributed to population growth and industrial diversification in the UAE.
South Korea’s Minister of Trade, Industry, and Energy Ahn Duk Geun stated, “Our country recorded the highest export growth rate among the top 10 global exporters,” and added, “The government will concentrate all available resources until the end of the year to launch an all-out export effort as a public-private One Team.”
A ministry official highlighted the positive growth across most major export markets, stating, “We are on track to achieve our highest export performance ever. We will continue to support export companies by focusing on high-potential items and actively addressing field challenges.”
