South Korea’s export performance for August showed a robust annual expansion of 68.7%, reaching $98.25 billion, propelled by solid demand for semiconductors, according to figures released on Tuesday by the Ministry of Trade, Industry and Energy.

Imports during the same month advanced by 22.6% year-on-year to $63.51 billion, resulting in a trade surplus of $34.75 billion for the period.

Sector-wise, semiconductor exports jumped by 209% to $46.65 billion, marking the third consecutive month that this category has surpassed the $40 billion threshold. The surge is attributed to increased investments in artificial intelligence (AI) infrastructure by hyperscale technology firms, including Amazon.com and Alphabet (the parent company of Google).

Petroleum product exports grew by 65.3% to $6.84 billion, while petrochemical shipments rose by 12.2% to $3.86 billion. In contrast, automobile exports declined by 29.8% to $3.85 billion, largely due to fewer working days during the summer holiday period and production disruptions caused by partial strikes.

By destination, exports to China expanded by 119.3% to $24.1 billion, buoyed by strong shipments of semiconductors and general machinery. Meanwhile, exports to the United States grew by 89.3% to $16.5 billion, supported by triple-digit growth in semiconductor and computer deliveries.