South Korea’s export data for the first 20 days of August 2026 revealed a robust performance, with total exports amounting to $55.2 billion—marking a 56% year-on-year increase, though remaining flat on a month-over-month basis, according to a report from Yuanta Securities (Thailand).
The standout performer was the semiconductor segment, which hit a record-breaking $26 billion in exports, surging 199% YoY. This growth rate accelerated from the 181% YoY increase recorded during the first 20 days of July and also reflected an 18% MoM rise. Notably, semiconductors accounted for 47.2% of all South Korean exports, setting a new high in their share of the market.
Yuanta maintains a positive outlook on the memory chip sector, even as the pace of growth may moderate compared to previous quarters. This is primarily due to average selling prices (ASPs) continuing to rise, albeit at a slowing rate of change. Meanwhile, sales volume remains capped by supply constraints, making short-term growth dependent on the timing of deliveries and the ramp-up of new product launches.
Crucially, Yuanta noted that long-term agreements (LTAs) have helped lock in both pricing and customer commitments, which significantly decreases price risk. The key variable now is quantity—for memory manufacturers, the ability to swiftly increase production and deliver higher volumes will determine future growth.
As new manufacturing capacities come online over the coming year, there is potential for revenue growth to accelerate again through increased volume since prices are already locked at elevated levels. The incremental quantity can thus be directly translated into added value.
In summary, while the current period of tight supply may moderate the trajectory of sector growth and lead to increased stock volatility, the long-term picture remains optimistic. With prices fixed via LTAs, the main catalyst for future value growth lies in an expansion of supply and production quantity.
