Korea's Sept. exports hit record $120.9 bil. on robust chip sales
Contaners bound for exports are stacked at a port in Pyeongtaek, Gyeonggi Province, Sept. 6. Yonhap
Korea's exports soared 83.5 percent to a record $120.9 billion in September from a year earlier, driven by a surge in chip shipments, data showed Thursday.
Semiconductor exports exceeded $60 billion for the first time ever last month, boosting overall export figures, the Ministry of Trade, Industry and Resources said in a press release.
Imports climbed 26 percent from a year earlier to $71.09 billion, resulting in an unprecedented trade surplus of $49.85 billion.
By sector, semiconductor exports, a key pillar of Asia's fourth-largest economy, skyrocketed 263 percent during the period to $60.3 billion, helped by increased shipments and higher product prices amid rising demand for memory chips.
Exports of petroleum products jumped 72 percent to $7.22 billion, while those of petrochemical products rose 5.1 percent to $3.95 billion.
Cosmetics exports shot up 31.4 percent to $1.51 billion on rising demand in China, the United States and the European Union.
Automobile exports, however, fell 5.5 percent to $6.05 billion, hurt by fewer working days driven by the Chuseok holiday and a decline in used-car exports.
By destination, exports to China jumped 123 percent to $26 billion, driven by strong shipments of semiconductors and wireless communications equipment.
Exports to China exceeded $20 billion for the four consecutive month.
Shipments to the U.S. surged 137 percent to $24.33 billion, driven by robust demand for chips, petrochemical products and general machinery.
The monthly report also showed exports to Southeast Asian countries rose 92.6 percent to $21.29 billion, while those to the European Union increased 20.9 percent to $8.65 billion, with both gains driven by strong shipments of chips and automobiles.
"Exports in the January-September period exceeded $800 billion for the first time, already surpassing the country's record annual exports of $709.3 billion," Industry Minister Kim Jung-kwan said.
The minister said Korea is on track to achieve $1 trillion in annual exports this year but said the spread of global protectionism and heightened tensions in the Middle East remain major uncertainties for outbound shipments.
The government will closely monitor the impact of changes in the global trade environment on Korean companies' exports and take preemptive measures to prevent unexpected external factors from affecting shipments, he said.