In August, South Korea's exports continued to grow for the 11th consecutive month, driven by strong demand for semiconductors. Data from the Ministry of Trade, Industry and Energy revealed that outbound shipments increased by 11.4 percent year-on-year to $57.9 billion, while imports rose by 6 percent to $54 billion, resulting in a trade surplus of $3.83 billion. Notably, the export of chips surged by 38.8 percent to $11.9 billion, attributed to the release of new smartphones and increased investment in the artificial intelligence industry by major technology firms. Despite this overall positive trend, exports of automobiles and steel products experienced declines due to production disruptions and increased global competition. South Korea's exports to major trading partners such as China, the United States, and the European Union also saw significant growth, with exports to the European Union reaching a record high of $6.43 billion, supported by biohealth products and mobile devices. Industry Minister Ahn Duk-geun expressed optimism about the country's export performance, highlighting the potential for record exports, while also acknowledging the threat posed by geopolitical uncertainties in the Middle East. The statement also noted a 7.4 percent year-on-year decrease in outbound shipments in 2023, attributed to sluggish performance in the chip sector and global economic uncertainties.