Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that in August 2026, Korea’s exports rose 68.7 percent year-on-year to USD 98.25 billion. Imports increased 22.5 percent to $63.51 billion, resulting in a trade surplus of $34.75 billion.

August exports maintained a strong performance exceeding $90.0 billion for the third consecutive month. Semiconductor exports rose 209 percent, while non-semiconductor exports increased 20 percent. Average daily exports, adjusted for working days, rose 72.5 percent to $4.47 billion, exceeding $4.0 billion for the fourth consecutive month.

By item, exports increased in 14 of Korea’s 20 key export items. In IT, semiconductor exports rose 209.0 percent to $46.65 billion, setting an all-time record and topping $40.0 billion for the third consecutive month, supported by solid AI infrastructure demand from expanded capital expenditures (capex) by hyperscalers such as Google and Amazon. Computer exports rose 419.5 percent to $6.24 billion, posting the highest monthly export value on record as the price of NAND, a core component of enterprise SSDs, continued to rise. Wireless communication device exports increased 21.2 percent to $1.88 billion on strong sales of new products such as the Galaxy S26, Z Fold 8, and Z Flip 8, marking 10 consecutive months of growth.

Automobile exports fell 29.8 percent to $3.85 billion, a temporary decline attributable to a base effect from major automakers shifting their summer holidays (from late July last year to early August this year) and to production disruptions caused by partial strikes. Ship exports also declined 45.9 percent to $1.69 billion on lower delivery volumes.

Petroleum product exports rose 65.3 percent to $6.84 billion and petrochemical exports increased 12.2 percent to $3.86 billion. This double-digit growth was driven by high unit prices linked to rising oil prices amid instability in the Strait of Hormuz. However, export volumes for the two fell 2.2 percent and 7.0 percent, respectively. Meanwhile, secondary battery exports rose 24.0 percent to $0.60 billion, marking a fourth consecutive month of year-on-year growth, fueled by expanding EV orders, a revitalized ESS market, and recovering unit prices linked to rising mineral prices such as lithium.

Steel exports rose 7.9 percent to $2.11 billion, marking a third straight month of year-on-year growth, as stronger shipments of flat products and other steel materials amid expanding AI data center construction in the U.S. offset lower exports to the EU following the introduction of its TRQ. General machinery exports saw marginal growth of 1.8 percent to $3.53 billion, influenced by tariff reductions on some items despite U.S. tariffs and intensifying global competition.

Biohealth exports rose 22.3 percent to $1.41 billion, setting a record high for August as successful bids in Europe for biosimilar product lines led to expanded volume supplies and increased prescriptions. Cosmetics exports increased 52.1 percent to $1.31 billion, while agricultural and fisheries product exports rose 1.5 percent to $0.98 billion, both setting new August records, driven by heightened awareness of and growing preference for K-beauty and K-food.

By destination, exports increased in seven of Korea’s nine major markets. Exports to China surged 119.3 percent to $24.10 billion, topping $20.0 billion for a third straight month. Strong growth in semiconductors and general machinery offset weaknesses across multiple items, including petrochemicals, wireless communication devices, and displays.

Exports to the United States increased 89.3 percent to $16.50 billion, led by triple-digit growth in semiconductors and computers, along with strong performances in steel and petroleum products, while automobile exports declined due to lower production from summer holidays and increased local production in the U.S. Exports to ASEAN climbed 75.4 percent to $19.09 billion, setting a new record for August on broad-based gains across key items like semiconductors, petroleum products, and displays. Exports to the EU increased 14.6 percent to $6.62 billion, extending their growth streak to a ninth straight month as semiconductors and petroleum products increased, although automobile and steel exports were weak. Exports to the Middle East fell 15.0 percent to $1.19 billion, as multiple key items including general machinery and petrochemicals declined, while automobile exports, the largest item, remained weak.

Imports rose 22.5 percent to $63.51 billion. Energy imports increased 15.3 percent to $12.68 billion, while non-energy imports rose 24.4 percent to $50.83 billion. Crude oil import volumes fell 3 percent and import prices climbed 26 percent, lifting crude oil imports by value 21.2 percent to $8.30 billion. Among non-energy imports, imports of semiconductor equipment rose 117.3 percent to $2.57 billion, and imports of non-ferrous metals increased 27.6 percent to $2.19 billion.

The trade surplus reached $34.75 billion, up $28.34 billion from a year earlier and exceeding $30.0 billion for the third consecutive month. The cumulative trade surplus from January to August reached $202.50 billion, up $162.20 billion from the same period last year.

MOTIR Minister JK (Jung-Kwan) Kim said, “August exports recorded a strong performance exceeding $90 billion, maintaining upward momentum.” He added, “The strong performance in semiconductors, combined with 20 percent growth in non-semiconductor items, is a positive sign that Korea’s export base is broadening.”

Minister Kim also emphasized that trade uncertainties facing Korean companies are higher than ever due to rising protectionism in key economies, such as U.S. tariff measures and EU TRQ regulations, alongside global supply chain realignments and Middle East instability. He added that the government will not become complacent amid the current strong export performance, and will closely monitor how changes in the trade environment affect Korean exports.