0
Containers are stacked at Pyeongtaek Port, Gyeonggi Province, on September 1. / Yonhap News

South Korea’s exports hit a record high for the third consecutive month in August, buoyed by surging semiconductor sales, even as shipments to the United States fell sharply under steep tariffs.

The Ministry of Trade, Industry and Energy said on Monday that exports totaled $58.4 billion in August, up 1.3% from a year earlier. Imports fell 4.0% to $51.9 billion, leaving a trade surplus of $6.51 billion.

The August figure marked the largest ever for that month, extending a streak of monthly records set since June. Semiconductors led the gains, with exports jumping 27.1% year-on-year to $15.1 billion, breaking the all-time record for the second time in two months.

Automobiles also contributed, reaching $5.5 billion—an all-time August high—as demand rose for electric and hybrid vehicles as well as used cars. Shipments of ships rose 11.8% to $3.14 billion, reflecting deliveries of high-priced orders from 2022–2023.

By contrast, exports of petroleum and petrochemical products declined due to falling oil prices and global oversupply.

Exports to the U.S. dropped 12.0% to $8.74 billion as tariffs hit key items including cars, machinery, and steel. Washington recently expanded tariffs to impose a 50% duty on steel imports, raising concerns over sustained impacts.

Trade Minister Kim Jung-kwan said the government will announce a three-pronged support package in early September to help small and mid-sized exporters cope with U.S. tariffs. Measures will include short-term management assistance, boosting domestic demand to offset losses, diversifying export markets, and strengthening competitiveness in key industries.