SEOUL: South Korea’s exports grew 1.3% from a year earlier in August, despite US tariff effects, thanks to strong demand for semiconductors, according to government data.
Outbound shipments came to US$58.4bil last month, rising for the third consecutive month, according to data compiled by the Trade, Industry and Energy Ministry.
Imports decreased 4% on-year to US$51.89bil, resulting in a trade surplus of US$6.51bil. Semiconductor exports jumped 27.1% on-year to reach an all-time high of US$15.1bil in August.
Auto exports increased 8.6% on-year 5.5 billion won, marking the highest figure for any August.
By destination, exports to the United States plunged 12% on-year as shipments of steel, automobiles and machinery declined due to impacts of the Donald Trump administration’s sweeping tariff scheme.
Exports to China fell 2.9% on overall weakness of export items.
On the other hand, exports to Asean advanced 11.9% to US$10.89bil, up for the third consecutive month, driven by strong demand for semiconductors and ships.
“Exports in August showed solid growth for the third consecutive month, led by our two major export items, which are semiconductors and automobiles,” Industry Minister Kim Jung-kwan said. — The Korea Herald/ANN
