Korea's monthly exports hit $120.9 bil. in Sept. on record chip sales

Korea's exports reached an all-time high of $120.9 billion in September, a 83.5% increase compared to the same month a year ago, according to data released by the Ministry of Trade, Industry and Resources. The surge in exports can be attributed to a significant rise in semiconductor shipments, which alone exceeded $60 billion for the first time.

This marked a 263% increase in semiconductor exports compared to the previous year, driven by both higher shipment volumes and higher product prices due to increased demand for memory chips. Other notable increases included petroleum products (72% rise) and petrochemical products (5.1% rise). However, automobile exports saw a decline of 5.5%.

The country's exports to China surged 123% to $26 billion, while shipments to the United States jumped 137% to $24.33 billion, driven by demand for chips, petrochemical products, and general machinery. Exports to the European Union grew by 20.9% to $8.65 billion, also fueled by increased chip and automobile sales. The January-September period saw exports surpass $800 billion for the first time, surpassing the previous record annual exports of $709.3 billion.

Industry Minister Kim Jung-kwan stated that Korea is on track to achieve $1 trillion in annual exports this year, but warned that global protectionism and Middle East tensions pose potential uncertainties for outbound shipments.