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

South Korea's exports surged 83.5 percent in September to reach a record $120.9 billion, according to data released on Thursday. This remarkable growth was primarily fueled by a sharp increase in semiconductor shipments. For the first time ever, the value of semiconductor exports surpassed $60 billion in September, significantly contributing to the overall export figures.

The Ministry of Trade, Industry and Resources reported that imports rose by 26 percent compared to the previous year, totaling $71.09 billion. This surge in imports led to an unprecedented trade surplus of $49.85 billion. Within the export sector, semiconductor products played a pivotal role, with their exports soaring 263 percent during September to reach $60.3 billion. This impressive growth was driven by increased shipments and higher product prices, as demand for memory chips continued to rise.

In addition to semiconductor exports, petroleum product exports increased by 72 percent, amounting to $7.22 billion. Petrochemical exports also saw a modest rise of 5.1 percent, totaling $3.95 billion. Cosmetic exports experienced a notable growth of 31.4 percent, reaching $1.51 billion, largely due to heightened demand in key markets such as China, the United States, and the European Union.

However, automobile exports declined by 5.5 percent, reaching $6.05 billion, driven by fewer working days during the Chuseok holiday and a decrease in US demand.