SEOUL: South Korea’s exports reached an all-time high in September as the trade surplus hit $13.8 billion, thanks to strong demand for semiconductors and steel. Exports, the main driver of Asia’s fourth-largest economy, rose 35 percent year-on-year in September to $55.1 billion, according to data from the Ministry of Trade, Industry and Energy. The September figure marked an all-time high, breaking the record of $51.6 billion in October 2014.
South Korean exports have been increasing steadily since November 2016, nourished by rising oil prices and the revival of global demand. The number of goods shipped out per working day also soared 20.6 percent year-on-year to a record high of $2.35 billion.
Imports also advanced in September, increasing 21.7 percent year-on-year to 41.4 billion dollars. Outbound shipments of computer chips and steel were the main drivers of record volume of exports in September, according to the trade ministry. Semiconductor exports in September rocketed by 70 percent year-on-year to a record high of $9.69 billion as a result of steady price hikes and the launch of flagship smartphones such as the Samsung Galaxy Note 8 and the new Apple iPhones. September was the first month in which monthly shipments of chips exceeded $9 billion. In addition, overseas sales of steel products doubled to a record high of $4.67 billion, and shipments of petrochemicals rose 41.5 percent on contracted global supply stemming from a hurricane hitting the southeastern United States. Ship exports rebounded to increase 38.7 percent, while shipments of cars moved up 57.6 percent. By region, exports to China – South Korea’s main trading partner – rose 23.4 percent year-on-year, while exports to the US rose 28.9 percent. Shipments to the European Union grew 23 percent, and to Japan 16 percent.
