Exports surged by 7.5% last month compared to a year earlier, setting a new record for September, driven by a strong performance in semiconductor exports despite concerns over a “semiconductor winter.”
According to data released by the Ministry of Trade, Industry, and Energy (MOTIE) on October 1, exports reached $58.7 billion (approximately 77.57 trillion won) in September. Even with one fewer working day due to the Chuseok holiday, exports grew 7.5% year-on-year, marking the highest September on record. This continues a 12-month streak of export growth since October last year. In the third quarter, exports also posted a positive performance, rising 10.7% from a year earlier to $173.9 billion, the fourth consecutive quarter of growth.
Of the 15 major export categories, six saw increases: computers (up 132.0%), ships (up 76.2%), semiconductors (up 37.1%), wireless communication devices (up 19.0%), biohealth (up 9.9%), and automobiles (up 4.9%). Notably, semiconductor exports hit a record high of $13.6 billion, the highest in three months, fueled by strong demand and a two-digit price increase. Automobile exports, the second-largest category, rose 4.9% from a year earlier to $5.5 billion, also a record for September.
Regionally, exports to China grew 6.3% to $11.7 billion, the highest this year, bolstered by strong sales of semiconductors and wireless communication devices. Exports to the U.S. increased 3.4% to $10.4 billion, marking a record for September.
South Korea’s imports reached $52.12 billion in September, a 2.2% increase from last year. This resulted in a trade surplus of $6.66 billion, extending the nation’s trade surplus streak to 16 consecutive months.
Do-Hyong Kim dodo@donga.com
