South Korea's exports in August approached 100 billion USD, and capital expenditure for artificial intelligence continues to accelerate.

I wrote about South Korean exports in July, when I saw data from the first 20 days, which already confirmed that the global demand for high-bandwidth memory and storage chips for artificial intelligence servers remains strong.

Now that the complete data for August is out, the growth rate is even faster than in July. South Korea's exports in August reached 98.25 billion USD, a year-on-year increase of 68.7%, with the daily average export growth adjusted for working days increasing by 72.5%. July's exports had a year-on-year growth of 63%, marking the second consecutive month above 60%.

The 98.25 billion USD is also the third highest monthly export amount in South Korea's history, only lower than June and July of this year. The biggest contributor remains semiconductors. In August, semiconductor exports reached 46.65 billion USD, a year-on-year increase of 209%, exceeding 40 billion USD for the third consecutive month, once again setting a historical record.

The semiconductor industry alone accounts for 47.5% of South Korea's total exports, and exports of computer-related products also grew by 419.5%, reaching 6.24 billion USD, mainly from enterprise-grade solid-state drives used in data centers. This includes both an increase in shipment volumes and an increase in storage chip prices, making South Korea's exports one of the most direct physical indicators for observing global AI capital expenditure.

By region, South Korea's exports to China grew by 119.3%, to the United States by 89.3%, to ASEAN by 75.4%, to India by 47.3%, and to the European Union by 14.6%.

A country with a population of only over 50 million has monthly exports approaching 100 billion USD, while also mastering high-bandwidth memory and storage chips, which are the most lacking in global AI infrastructure. South Korea's position in global manufacturing is indeed more important than many people think.

At this time, one should be cautious in judging the trend of South Korean semiconductor stocks. I noticed that SK Hynix had a good increase yesterday, and if one wants to short, one should be more careful, especially since the South Korean stock market has completed its deleveraging. If it rises next, the stability of capital may be higher, but I still do not have plans to go long; I will wait and see, and I will continue to maintain the plan of shorting ADR premiums.

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