South Korea Rebound in Early August Exports, Led by Accelerating Chip Demand

Economics Research 21 August 2026 | 10:56AM KST

South Korea: Rebound in Early August Exports, Led by Accelerating Chip Demand

Bottom line: Irene Choi | Goldman Sachs (Asia) L.L.C., Seoul Korea’s per-workday exports in the first 20 days of August gained 3.1% mom sa, Branch

after staying flat in the prior month. Total exports during the 20 days increased 6.3% Goohoon Kwon, CFA | mom sa, rebounding from a contraction of 5.6% the previous month. Tech exports Goldman Sachs (Asia) L.L.C. increased sharply by 9.5%, led by acceleration in semiconductor exports, whereas non-tech exports continued to fall, by 1.1%. By destination, exports to mainland China and the US rose the most, by 13.3% and 10.0% respectively, and accounted for around 80% of the headline sequential increase. Total 20-day imports gained modestly by 1.4% mom sa, and the trade surplus (not seasonally adjusted) widened to US$14.0bn from US$12.3bn in the prior month.

August 20 days’ exports, adjusted for workday differences: +3.1% mom sa vs. previous: -0.2% mom sa

August 20 days’ imports, adjusted for workday differences: -2.5% mom sa vs. previous: +6.8% mom sa

August 20 days’ trade balance: +US$14.0bn vs. previous: +US$12.3bn

1. Korea’s per-workday exports in the first 20 days of August gained 3.1% mom sa, after staying flat from the prior month (Exhibit 1). Total exports during the 20 days increased 6.3% mom sa, rebounding from a contraction of 5.6% the previous month.

2. Tech exports collectively increased sharply by 9.5% mom sa, rebounding from -1.6% the prior month. Semiconductor exports accelerated to 11.5% after staying almost flat the prior month and recording the strongest momentum since May. Other tech exports continued to fall, albeit at a moderated pace from last month by 4.2%, as a rebound in computer exports was offset by sharp declines in handsets and household appliances. Non-tech exports fell 1.1%, down further after a 6.0% decline the prior month. Drops in auto and auto parts exports outweighed gains in petroleum and steel exports.

3. Exports to mainland China and the US gained the most, by 13.3% and 10.0% mom sa respectively, and accounted for around 80% of the headline sequential increase. Exports to other Asian destinations were robust, with exports to Japan and Taiwan rising 6.6% and 4.8% respectively. These gains were partly offset by a sharp contraction in exports to the EU by 20.3%.

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4. Total 20-day imports gained modestly by 1.4% mom sa, rebounding from -4.6% the prior month. Imports of semiconductors gained sharply, but the increases were partly offset by declines in energy and machinery imports. The trade surplus (not seasonally adjusted) widened to US$14.0bn from US$12.3bn the prior month.

Exhibit 1: Rebound in early August exports

US$bn, Per-day US$bn, Per-month 4.5 120

Per-day exports for the first 20 days vs. Full-month exports 110 4.0 100

Per-day exports in first 20 days (SA) 40 1.5 Full month exports (SA; right scale) 30

Source: Haver Analytics, Goldman Sachs Global Investment Research