Exports up 83% in first 10 days of September on chips

Korea's exports skyrocketed by nearly 83 percent year-on-year in the first 10 days of September, according to customs data released on Friday. The surge was primarily fueled by a surge in semiconductor shipments, taking advantage of the global artificial intelligence (AI) boom. Outbound shipments amounted to $35 billion during the specified period, marking the highest level ever recorded for the first 10 days of September.

Import volumes rose by 20.7 percent year-on-year to $24.6 billion, resulting in a trade surplus of $10.4 billion. Semiconductors were the chief drivers of the export growth, leaping 270 percent to $16.5 billion and also setting a new high for the period. Petroleum product exports surged 57 percent to $1.87 billion, while automobile exports grew by 10 percent to $1.7 billion.

Ship and steel product exports also experienced significant increases of 66.8 percent and 10.3 percent, respectively. The majority of exports were directed towards China, with shipments doubling to $7.95 billion. The United States was the second largest destination, with exports increasing by 137.5 percent to $7 billion.