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South Korea's September Exports Hit Record High, Semiconductor Sales Surge
Source: Korean Air

South Korea's September Exports Hit Record High, Semiconductor Sales Surge

Philip Lee profile image
by Philip Lee

Seoul, South Korea—Government data showed on Tuesday that South Korea's exports rose 7.5% in September from a year earlier to a record high of $58.77 billion, extending the growth streak to 12 consecutive months and underscoring the resilience of Asia's fourth-largest economy.

The Ministry of Trade, Industry and Energy said in a statement that imports grew 2.2% to $52.12 billion, resulting in a trade surplus of $6.66 billion. 

The surplus has now extended for 16 straight months, reflecting South Korea's strong position in global trade.

Key points:

  • Daily average exports reached an all-time high of $2.94 billion
  • Semiconductor exports jumped 37.1% to $13.62 billion, marking a record high
  • Exports to China rose 6.3% to $11.69 billion, the highest this year
  • Trade balance with China turned positive for the first time in 7 months

The semiconductor sector largely drove the stellar performance, highlighting South Korea's critical role in the global tech supply chain. 

The ministry said exports of six out of 15 key items increased, with semiconductors, wireless communication devices, and computers leading the growth.

"Exports in September recorded the highest performance for the month in history," Minister Ahn Duk-Geun said. "Daily average exports reached an all-time high, and quarterly export performance has been increasing every quarter this year, showing a clear 'high in the beginning, high at the end' pattern in 2024 exports."

For the third quarter, exports increased 10.7% year-on-year to $173.9 billion, while imports rose 6.2% to $160.0 billion, suggesting a broader economic recovery.

The robust export performance is a bright spot for the South Korean economy, which has been navigating global economic uncertainties. 

However, the ministry cautioned about potential risks, including geopolitical tensions in the Middle East and labor disputes at U.S. East Coast ports.

Ahn said the government aims to achieve record-high annual exports by mobilizing all available resources to support exporters in the fourth quarter, including organizing large-scale export exhibitions and providing targeted support for promising export items.

Philip Lee profile image
by Philip Lee

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