South Korea exports surpass full-year record, hit US$709.4bil

South Korea's exports soared to US$709.4 billion in the first eight months of the year, surpassing the previous annual record, according to the customs office. This follows a record US$709.3 billion in exports last year, marking the country's second consecutive year of record-breaking exports. As Asia's fourth-largest economy, South Korea is on track to reach US$1 trillion in annual exports by early December, joining the likes of the United States, China, and Germany in achieving this milestone.

The customs office noted that exports have maintained strong growth momentum despite a challenging trade environment, including protectionism, supply chain restructuring, and the Middle East situation. In the first eight months, semiconductor exports surged by 169.6% to US$281 billion, representing 41% of total exports. This growth is driven by the AI investment boom and a chip shortage, benefiting major global memory chipmakers Samsung Electronics and SK Hynix.

Passenger cars, South Korea's second-largest export item, saw a 4% decline in overseas shipments from the previous year during the same period. However, exports to China, South Korea's top export destination, jumped 76%, while shipments to the United States increased by 57%.