South Korea’s exports grew nearly 9 percent in August on year thanks to robust demand for petroleum products and memory chips amid ongoing recovery in the global manufacturing industry, preliminary government data showed on Saturday.

According to data released from the Ministry of Trade, Industry and Energy, the nation’s exports rose 8.7 percent in August to $51.2 billion from a year ago period. It is the highest-ever record for August and the fourth straight month for the country’s exports to top $50 billion.

Daily shipments averaged $2.13 billion, also a record high for August.

Asia’s fourth largest economy’s brisk exports were largely driven by strong global demand for petroleum products and semiconductors amid ongoing recovery in the global manufacturing sector and major economies, the trade ministry said.

Ten out of 13 mainstay items grew with six categories recording a double-digit growth in August. Exports of petroleum products jumped 46.3 percent on year, semiconductors 31.5 percent, steel products 20.7 percent, petrochemicals 17.0 percent, machineries 16.3 percent, and computers 11.7 percent.

Outbound shipments of semiconductors hit a record high of $11.5 billion in August and broke the $10 billion mark for the fourth straight month. Exports of petroleum products exceeded $3 billion for the 10th consecutive month.

By region, shipments to China jumped 20.8 percent on year, extending gains for the 22nd month in a row. Exports to Vietnam rose 16.0 percent on year and to Japan up 15.0 percent. But deliveries to India contracted 30.6 percent, Middle East 8.2 percent, and the European Union 3.6 percent.

Exports during January-August grew 6.6 percent on year to $399.8 billion, the largest-ever for the period. The trade ministry, however, expected the nation’s export growth would slow down in the latter half of this year amid growing external risks such as the escalating trade war between the world’s two largest economies, the United States and China. For the rest of this year, Korea’s monthly exports are forecast to grow 5 percent on average and the full-year exports would breach the $600 billion mark for the first time this year, according to the ministry.

Imports rose 9.2 percent on year to $44.3 billion. Due to rise in global oil prices, imports of crude oil soared 44.2 percent on year and liquefied natural gas 39.4 percent. Gasoline car imports also grew 22.5 percent and medicine and medical supplies up 5.3 percent.

Korea raked in a trade surplus of $6.9 billion in August, extending the surplus streak for the 79th consecutive month.

By Ko Jae-man and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]