Exports up 78% in first 20 days of Sept. on robust chip shipments

Korea's exports experienced a remarkable surge of 78% from the previous year within the first two weeks of September, according to customs data released on Monday. The sharp increase was primarily fueled by robust shipments of semiconductors. The outbound shipments reached an impressive $71.4 billion during the period of September 1-20, a substantial rise from the $40 billion reported in the same timeframe last year, as per data provided by the Korea Customs Service.

This marked the highest volume for the 20-day tally, surpassing the previous record set in June of the current year, which stood at $61.7 billion. Imports, on the other hand, climbed by 26.7% year-on-year to $48.4 billion over the same period, leading to a trade surplus of $23 billion.

The semiconductor exports experienced a staggering 259% surge, reaching $34.12 billion. Other notable gains included petroleum products, which increased by 47.8% to $4 billion, and automotive exports, which grew by 9.3% to $3.73 billion. Steel products and ship exports also saw significant increases, growing by 8% and 63%, respectively.

However, exports of mobile devices declined by 0.4% to $1.24 billion. In terms of destination markets, China emerged as the top recipient, with exports doubling to $16.6 billion. The United States also witnessed a notable surge in imports, with a 11% increase.