(LEAD) S. Korea's August exports jump 68.7 pct to US$98.25 billion on strong chip demand

South Korea's exports skyrocketed 68.7 percent in August compared to the previous year, driven largely by a surge in semiconductor shipments, according to data released by the Ministry of Trade, Industry and Resources on Tuesday. The total value of outbound shipments reached an impressive US$98.25 billion. Imports experienced a more modest increase of 22.6 percent year-on-year, amounting to $63.51 billion, resulting in a substantial trade surplus of $34.75 billion.

Semiconductor exports, which play a pivotal role in South Korea's economy, witnessed an extraordinary 209 percent rise in August, soaring to $46.65 billion. This marked the third consecutive month that semiconductor exports surpassed $40 billion. The surge in exports can be attributed to increased spending by major technology firms, often referred to as hyperscalers, such as Google and Amazon, on artificial intelligence infrastructure.

In addition to the semiconductor boom, petroleum product exports surged by 65.3 percent to $6.84 billion, while petrochemical exports climbed 12.2 percent to $3.86 billion. However, the automobile sector faced a significant setback, with exports dwindling by 29.8 percent to $3.85 billion. This decline can be attributed to fewer working days during the summer holiday season and production disruptions caused by partial strikes over wage increases.

The destinations of South Korean exports saw notable variations. Exports to China experienced a remarkable 119.3 percent increase, reaching $24.1 billion, primarily fueled by strong shipments of semiconductors and general machinery. Exports to the United States also saw robust growth, advancing by 89.3 percent to $16.5 billion, largely due to a significant rise in semiconductor and computer shipments.