South Korea’s September Exports Surpass $120 Billion for First Time

South Korea's September exports surged past the $120 billion mark for the first time, reaching $120.94 billion, according to the Ministry of Trade, Industry and Energy's export and import report. This marked an 83.5% increase compared to the same period last year. In contrast, imports rose 26.0% to $71.09 billion, resulting in a trade surplus of $49.85 billion, the first time Korea's monthly surplus surpassed $40 billion.

The surge was primarily fueled by the semiconductor industry, which saw exports jump 262.8% year-on-year to $60.3 billion. Memory chips were the biggest contributor, with exports rising 262.8% to $60.3 billion. Semiconductor exports also peaked during the first two weeks of September, accounting for 47.1% of total exports during that period.

Other sectors also contributed to the export boom. Computer exports surged 435.3% to $7 billion, while cosmetics exports rose 31.4% to $1.51 billion. Ship exports increased 29.9% to $3.76 billion, and petroleum product exports jumped 72.0% to $7.22 billion.

However, automotive exports declined 5.5% to $6.05 billion, partly due to a base effect from the Chuseok holiday and weaker used-car exports. Exports to major trading partners, including China, the United States, ASEAN, and the European Union, also saw substantial increases. Overall, Korea's cumulative trade surplus for the first nine months of the year reached $252.5 billion, a significant increase from the same period last year.