Seoul, September 01 (QNA) – South Korea’s exports surged 68.7% in August from a year earlier, buoyed by strong semiconductor shipments.
According to data from the South Korean Ministry of Trade, Industry and Resources, as reported by Yonhap News Agency, Outbound shipments came to $98.25 billion in August, while imports climbed 22.6% on-year to $63.51 billion, resulting in a trade surplus of $34.75 billion.
By sector, semiconductor exports, a key pillar of Asia’s fourth-largest economy, soared 209% during the period to $46.65 billion, as major technology companies, stepped up spending on artificial intelligence (AI) infrastructure.
Semiconductor exports topped $40 billion for a third consecutive month.
Exports of petroleum products jumped 65.3% to $6.84 billion, while those of petrochemical products rose 12.2% to $3.86 billion.
Automobile exports, however, fell 29.8% to $3.85 billion, hit by fewer working days during the summer holiday season and production disruptions caused by partial strikes over wage increases.
By destination, exports to China shot up 119.3% to $24.1 billion, driven by strong shipments of semiconductors and general machinery.
Exports to the United States advanced a brisk 89.3% to $16.5 billion, mainly on triple-digit growth in shipments of semiconductors and computers. (QNA)