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yesterday

South Korea’s August Exports Rise on Record Chips as U.S. Shipments Slide After Tariffs

A semiconductor boom kept overall trade growing despite a double-digit drop in American-bound goods under new 15% duties.

Image
FILE PHOTO" A truck unloads a shipping container at Pyeongtaek port in Pyeongtaek, South Korea, July 8, 2025. REUTERS/Kim Hong-Ji/File photo
Cars wait to be exported at a port in Pyeongtaek, about 60 kilometers south of Seoul, on Aug. 26, 2025. (Yonhap)

Overview

  • Overseas shipments increased 1.3% year on year to $58.4 billion, with imports down 4.0% to about $51.9 billion for a $6.51 billion surplus.
  • Sales to the United States fell 12.0%, the sharpest decline since May 2020, led by weaknesses in automobiles, machinery and steel after the Aug. 7 tariff start.
  • Semiconductor exports jumped 27.1% to a record $15.1 billion as AI-driven memory demand strengthened, with chips currently exempt from U.S. tariffs.
  • Sectoral losers included petrochemicals, displays, wireless devices, secondary batteries and steel, while autos and ships posted gains.
  • Export destinations diverged, with ASEAN up 11.9% and Taiwan up 39.3% but China down 2.9% and the EU down 9.2%, as Seoul readies support for smaller exporters and the central bank warns tariff effects could build.