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

Korea's exports surged 83.5 percent to an all-time high of $120.9 billion in September, according to data released on Thursday. This remarkable growth was primarily fueled by a substantial increase in chip shipments, which surpassed the $60 billion mark for the first time ever, contributing significantly to the overall export figures. The Ministry of Trade, Industry and Resources reported that imports rose by 26 percent, reaching $71.09 billion, resulting in a record trade surplus of $49.85 billion.

The surge in semiconductor exports, a critical component of Asia's fourth-largest economy, accounted for a staggering 263 percent increase, reaching $60.3 billion. This growth was attributed to higher shipment volumes and increased product prices, driven by the growing demand for memory chips. Other notable exports included petroleum products, which increased by 72 percent to $7.22 billion, and petrochemical products, which rose by 5.1 percent to $3.95 billion.

Cosmetics exports also experienced a notable rise of 31.4 percent, reaching $1.51 billion, fueled by an increased demand in key markets such as China, the United States, and the European Union. However, automobile exports saw a decline of 5.5 percent, falling to $6.05 billion, largely due to fewer working days caused by the Chuseok holiday and a decrease in US demand.