SEOUL, Sept 1 — South Korea recorded its highest ever monthly semiconductor exports in August despite growing pressure from US tariffs and other restrictions on the crucial sector, government data showed today.
Seoul recorded more than US$15 billion (RM63.4 billion) in exports last month of semiconductors, a new record and an increase by almost a third from August 2024.
The surge was driven by strong demand from China and the exemption of chips from tariffs, the industry ministry said today.
The country’s other key exports — cars and shipbuilding — also performed strongly, with auto shipments climbing to US$5.5 billion and ship exports to US$3.14 billion, both marking their strongest August performance.
Driven by the strong figures, overall exports reached US$58.4 billion, the highest ever recorded for the month of August.
Exports to the United States however, dropped 12 per cent from a year earlier to US$8.74 billion, as tariffs weighed on steel, auto and machinery shipments.
Asia’s fourth-largest economy was initially hit with a 25 per cent across-the-board tariff by the United States but managed to secure a last-minute agreement for a reduced 15 per cent rate.
But 50 per cent duties remain in place on some key exports like steel and aluminium.
The strong export figures reflect “achievements born of the solid competitiveness of our companies and their determination to export, despite difficult external conditions such as US tariff policies,” South Korea’s Industry Minister Kim Jung-kwan said in a statement.
“To minimise the damage inflicted on small and medium-sized firms by US tariff measures, the government will announce in early September a three-pronged support package,” said Kim. — AFP
