South Korea Exports Rise More than Expected

South Korea's exports surged 68.7% yoy to USD 98.25 billion in August 2026, surpassing estimates of 62.6% and accelerating from an upwardly revised 63% jump in July. Exports rose for the 15th consecutive month, marking the third-highest monthly figure on record, after exceeding USD 100 billion for the first time in June. The increase was driven by strong demand for memory chips, with semiconductor exports rising for the 15th consecutive month and soaring 209.0% to a fresh record high of USD 46.65 billion, surpassing USD 40 billion for the third consecutive month. Petroleum shipments also soared 65.3%, while exports of petrochemical products climbed 12.2%. By contrast, car exports plunged 29.8%, due to fewer working days during the summer holiday season and disruptions amid wage increases. Shipments to China jumped 119.3%, boosted by strong demand for semiconductors and general machinery, while those to the US soared 89.3%, supported by export growth in semiconductors and computers.

Exports soared 62.8% yoy to USD 98.89 billion in July 2026, surpassing market estimates of 59.0%, though easing from a downwardly revised 70.7% surge in June. It was the second-highest figure on record after exports exceeded USD 100 billion for the first time in June, mainly driven by a surge in semiconductor shipments. Shipments rose for the 14th consecutive month, driven by strong demand for memory chips, with semiconductor exports surging 178.8% to a record USD 41.01 billion, surpassing USD 40 billion for the second consecutive month. Computer shipments also jumped 404.0%, while exports of wireless communication devices and ships rose 51.0% and 46.9%, respectively. Export growth was also recorded in petroleum products (34.1%), biohealth (30.4%), cosmetics (37.8%), and automobiles (7%). Shipments to China nearly doubled to USD 21.68 billion, while those to the US soared 67.8%, boosted by expanding investment in AI servers. Exports also increased to ASEAN (73.7%) and the EU (55.7%).

South Korea’s exports surged 70.9% yoy to a record high of USD 102.25 billion in June 2026, accelerating sharply from an upwardly revised 53.4% jump in May and marking the strongest growth since June 1976. Exports exceeded USD 100 billion for the first time, mainly driven by a surge in semiconductor shipments. Shipments rose for the 13th straight month, with semiconductor exports soaring 199.5% to a record USD 44.82 billion, surpassing USD 40 billion for the first time, driven by strong demand for memory chips. Computer exports also surged more than 300%, while shipments of wireless communication devices and petroleum products jumped 51.9% and 49.8%, respectively. Meanwhile, auto exports rose 5.8% after falling in May. Shipments to China jumped 92.1%, driven by semiconductors, petrochemical products, machinery, and mobile devices, while those to the US soared 78.6%, boosted by expanding investment in AI servers. For H1 of the year, exports increased 48.4% yoy to USD 496.7 billion.