South Korea's export boom seen sustained in August on strong chip demand: Reutser Poll

SEOUL, Aug 28 : South Korean exports likely extended their robust growth in August to mark a 15th consecutive month of gains, driven by surging global demand for AI chips, a Reuters poll showed on Thursday.

A median forecast of 10 economists projected that exports from Asia's fourth-largest economy - a bellwether for global trade - rose 62.6 per cent in August from a year earlier, matching the momentum of July's 63 per cent surge.

Analysts said that the gains continued to be anchored by memory chip giants Samsung Electronics and SK Hynix, which are benefiting from climbing prices fueled by the AI investment boom.

"IT exports, particularly semiconductors, are expected to sustain high export growth. However, automobile exports will likely experience a slight slowdown, impacted by factors such as labour strikes in the automotive sector," Park Sang-hyun, an economist at iM Investment and Securities, said.

"Looking ahead, while global manufacturing strength will continue to support this semiconductor-led upward trend, the year-over-year export growth rate is projected to gradually decelerate due to base effects."

The survey tipped imports to rise 24.7 per cent in August from a year earlier.

The monthly trade surplus was forecast at a median $30.74 billion, compared with $30.40 billion in the previous month.

South Korea is scheduled to report trade figures for August on Tuesday, September 1, at 9 a.m. local time (0000 GMT).