South Korea’s exports have reached $709.4 billion year-to-date, surpassing last year’s annual record, according to data released by the South Korea Customs Service on the 5th. The surge in global demand for artificial intelligence (AI) semiconductors is driving export growth.
Last year’s export total of $709.3 billion had marked a second consecutive year of record annual shipments. This year’s figure has already exceeded that level.
According to the South Korea Customs Service, the country’s annual exports are on track to reach $1 trillion this year. If achieved, South Korea would become only the fourth country to cross that threshold, after the United States, China, and Germany.
August exports rose 69% year-over-year, extending the streak of gains to 15 consecutive months. As the AI investment boom intensifies the semiconductor shortage, soaring prices are boosting export values.
South Korea is home to Samsung Electronics and SK Hynix, two of the world’s leading memory chip makers. Both companies are benefiting from expanding demand for AI semiconductors and rising prices.
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