Shipping containers are stacked at a pier in South Korea in August. Photo: yonhap/Shutterstock
South Korea’s exports expanded for an 11th straight month in August on solid demand for semiconductors, smartphones and other goods overseas.
Exports from Asia’s fourth-largest economy rose 11.4% from a year earlier to $57.90 billion, following a 13.9% gain in July, according to preliminary data released by the trade ministry on Sunday. That missed the median forecast of a 13.0% rise from a Wall Street Journal poll of 11 economists.
Imports gained 6.0% from a year earlier to $54.07 billion, following a 10.5% rise in July.
Despite the softer-than-expected August trade print, the export-led South Korean economy is viewed as sustaining growth with brisk shipments overseas offsetting sluggish domestic demand.
The country’s trade balance remained in the black for a 15th consecutive month in August, with the trade surplus widening to $3.83 billion from the prior month’s revised $3.60 billion, the ministry data showed.
Shipments of semiconductors and smartphones gained 39% and 50%, respectively, from a year earlier in August, continuing growth for multiple months, the trade data showed.
Exports to China expanded 7.9% on the year in August while those to the U.S. grew 11%, the data showed.
The Bank of Korea in August trimmed its gross domestic product growth forecast to 2.4% for 2024 from an earlier estimate of 2.5%, citing weak private consumption and investments at home.
By Kwanwoo Jun
Kwanwoo.Jun@wsj.com
