South Korea’s exports grow for 11th straight month

South Korea’s exports expanded for an 11th straight month in August on solid demand for semiconductors, smartphones and other goods overseas.

Exports from Asia’s fourth-largest economy rose 11.4% from a year earlier to $57.90 billion, following a 13.9% gain in July, according to preliminary data released by the trade ministry on Sunday. That missed the median forecast of a 13.0% rise from a Wall Street Journal poll of 11 economists.

Imports gained 6.0% from a year earlier to $54.07 billion, following a 10.5% rise in July.

Despite the softer-than-expected August trade print, the export-led South Korean economy is viewed as sustaining growth with brisk shipments overseas offsetting sluggish domestic demand.

The country’s trade balance remained in the black for a 15th consecutive month in August, with the trade surplus widening to $3.83 billion from the prior month’s revised $3.60 billion, the ministry data showed.

Shipments of semiconductors and smartphones gained 39% and 50%, respectively, from a year earlier in August, continuing growth for multiple months, the trade data showed.

Exports to China expanded 7.9% on the year in August while those to the U.S. grew 11%, the data showed.

The Bank of Korea in August trimmed its gross domestic product growth forecast to 2.4% for 2024 from an earlier estimate of 2.5%, citing weak private consumption and investments at home.

Write to Kwanwoo Jun at Kwanwoo.Jun@wsj.com