AI基建热潮之下存储需求持续强劲! 面对特朗普关税重压 韩国出口连续三个月增长

Core Insights - Despite increased tariffs from the U.S., South Korea's export data remains robust, driven by strong shipments of semiconductor and automotive products, marking three consecutive months of growth [1][4][5] - The resilience in exports, particularly in the storage chip sector, is crucial for South Korea's economic growth amid the challenges posed by U.S. tariffs [1][4] Export Performance - In August, South Korea's exports grew by 1.3% year-on-year, following a 5.8% increase in July, with a working-day adjusted export growth of 5.8%, surpassing economists' expectations [1][4] - Imports decreased by 4%, resulting in a trade surplus of $6.5 billion [1] Tariff Impact - Analysts caution that the current export growth may be temporary due to the anticipated decline in preemptive shipments in response to higher tariffs, which could weaken the momentum of storage chip exports [4][5] - A preliminary tariff agreement reached in late July helped South Korean manufacturers avoid the worst-case scenario of a 25% tariff on imports to the U.S. [4] Economic Outlook - The Bank of Korea raised its GDP growth forecast by approximately 0.2 percentage points due to the strong export performance, while maintaining a growth forecast of 1.6% for 2026 [5] - Concerns remain regarding the long-term effects of U.S. tariffs on trade, financial markets, and business confidence in South Korea [4][5] Semiconductor Sector - South Korea is home to major memory chip manufacturers, SK Hynix and Samsung, which are critical players in the global semiconductor market [6][7] - The demand for high-bandwidth memory (HBM) and enterprise-level NAND storage is driving strong export growth, contributing to the resilience of South Korea's GDP amid various economic pressures [5][6] AI and Storage Demand - The surge in AI applications is expected to significantly increase demand for AI chips, HBM storage systems, and enterprise SSDs, indicating a bright future for these sectors [8] - Morgan Stanley notes that the demand for core storage chips related to AI training and inference systems remains exceptionally strong, boosting revenues across data center storage product lines [7][8]