SEOUL, Sept. 1 (Xinhua) -- South Korea's exports grew for the third straight month due to strong global demand for locally-made semiconductors, cars and ships, government data showed Monday.
Exports, which account for about half of the export-driven economy, gained 1.3 percent to 58.40 billion U.S. dollars in August compared to the same month of last year, continuing to go up since June, according to the Ministry of Trade, Industry and Energy.
Imports shrank 4.0 percent to 51.89 billion dollars, sending the trade surplus to 6.51 billion dollars. The trade balance stayed in black for the seventh consecutive month since February.
Of the country's 15 major export items, three products saw an increase in outbound shipments.
Semiconductor exports jumped 27.1 percent from a year earlier to hit a record high of 15.10 billion dollars in August.
The soaring chip shipment was attributed to strong demand for high-end chips, such as double data rate 5 and high bandwidth memory products used in generative artificial intelligence chipsets.
Automotive shipments rose 8.6 percent to 5.50 billion dollars last month, keeping an upward trend for the third successive month on the back of robust demand for eco-friendly vehicles.
Export for ships expanded 11.8 percent to 3.14 billion dollars in August on a yearly basis, keeping an upward trend for the sixth straight month on higher demand for high-value-added ships.
Oil products export shrank 4.7 percent to 4.17 billion dollars on lower product prices.
Global prices for gasoline and diesel fell 8.0 percent and 6.3 percent each in August compared to the same month of last year.
Petrochemical shipment dropped 18.7 percent to 3.38 billion dollars owing to global supply glut and cheaper crude oil.
Dubai crude, the Asian country's benchmark, averaged 70.9 dollars per barrel in July, down 15.5 percent from a year earlier.
Global demand for display panels and mobile devices diminished to 1.65 billion dollars and 1.56 billion dollars each, while computer exports plunged 18.2 percent to 1.20 billion dollars.
Auto parts shipment declined 8.9 percent to 1.67 billion dollars, and general machinery export tumbled 10.4 percent to 3.45 billion dollars.
Steel products export dived 15.4 percent to 2.37 billion dollars because of the negative effect of the U.S. protectionist moves, and secondary battery shipment retreated 31.3 percent to 490 million dollars.
Exports for home appliances and textiles decreased to 540 million dollars and 690 million dollars, respectively.
Export to the United States dwindled 12.0 percent over the year to 8.74 billion dollars in August.
Shipment to the Association of Southeast Asian Nations climbed 11.9 percent to 10.89 billion dollars, but export to the European Union reduced 9.2 percent to 5.81 billion dollars.
Export to Japan, Latin America and India declined in single digits to 2.37 billion dollars, 2.31 billion dollars and 1.56 billion dollars each, but shipments to the Middle East added 1.0 percent to 1.40 billion dollars.
Regarding import items, the import of three major energy sources, including crude oil, natural gas and coal, dropped 12.2 percent to 10.99 billion dollars last month on lower crude oil prices.
Non-energy imports dipped 1.5 percent to 40.90 billion dollars on weak demand for steel and oil products. ■
