Korea's exports hit record high in Q3 on semiconductors, automobiles: ministry
Containers are stacked at a port in Pyeongtaek, Gyeonggi Province, Oct. 16. Yonhap
Korea's exports reached a new quarterly high of $185 billion in the July-September period, led by robust demand for semiconductors and automobiles, the industry ministry said Monday, vowing efforts to maintain the export momentum amid trade uncertainties.
In the first nine months of this year, the country exported $519.7 billion worth of goods, up 2.2 percent from a year earlier, according to the Ministry of Trade, Industry and Resources.
The ministry said exports have posted an on-year increase for the fourth consecutive month since June thanks to the strong performance of semiconductors, automobiles, biohealth products and ships.
In particular, semiconductor exports hit $119.7 billion in the January-September period, with auto exports reaching $54.1 billion, both the highest marks for the period.
Shipments of cosmetics and agro-fisheries also reached record highs for the period, at $8.5 billion and $9.3 billion, respectively, on the back of the soaring global popularity of Korean culture.
On the other hand, exports of petroleum and petrochemical products went down due to a drop in global oil prices, while shipments of steel and machinery declined amid 50 percent U.S. tariffs on imports of steel and related derivatives.
"Despite challenging trade conditions, such as U.S. tariff measures and the spread of protectionism, Korea's exports increased thanks to companies' efforts to diversify export markets and strengthen product competitiveness," First Vice Industry Minister Moon Shin-hak said.
"The government is holding talks with the U.S. to conclude tariff negotiations under the principle that national interests come first, and will work to continue communications with private industries to maintain the export momentum in the fourth quarter and boost the industrial competitiveness (of the country)," he added.