South Korea's exports surged nearly 80% year-on-year by mid-September, setting a new record for the period.
According to data released by the Korea Customs Service on September 21, the export value for the period from September 1 to 20 reached $71.49 billion, a 78.3% increase compared to the same period last year. This figure marks the highest ever recorded for this timeframe. The cumulative annual export value has also risen by 55.0% to $764.997 billion compared to the same period last year.
When adjusted for working days, the average daily export value stands at $4.61 billion, reflecting an increase of 89.8% despite one less working day compared to the previous year.
South Korea's export performance has already surpassed last year's total annual exports of $709.3 billion, indicating a strong possibility of achieving $1 trillion in exports this year. The Ministry of Trade, Industry and Energy anticipates that if the current robust export growth continues, the country will reach this milestone. Only three countries— the United States, China, and Germany—have previously exceeded $1 trillion in exports.
Semiconductors are leading the export surge. In the first half of September, semiconductor exports soared by 259.4% to $34.128 billion, also the highest for this period. The share of semiconductor exports in total exports increased by 24.1 percentage points to 47.8%.
Additionally, exports of petroleum products rose significantly by 47.8% due to price increases driven by high oil prices. Exports of passenger cars (9.3%), ships (63.0%), steel products (8.0%), and computer peripherals (187.6%) also saw increases. However, exports of wireless communication devices fell by 0.4% to $1.245 billion, while exports of automotive parts (-6.3%), precision instruments (-6.3%), and home appliances (-6.7%) also declined.
Exports to major countries showed growth, with increases from China (113.8%), the United States (118.0%), Vietnam (44.8%), Taiwan (128.5%), and the European Union (37.0%). The combined export share from the top three countries—China, the United States, and Vietnam—accounted for 51.4%.
Imports also rose, increasing by 26.7% to $48.443 billion. The cumulative annual import value reached $539.47 billion, a 19.5% increase. Semiconductor imports surged by 88.8% to $8.742 billion, with significant increases in imports of semiconductor manufacturing equipment (55.6%) and machinery (5.4%). In contrast, imports of petroleum products decreased by 24.8% to $1.092 billion.
Energy imports, including crude oil, gas, and coal, rose by 27.9%. Crude oil imports increased by 37.3% to $5.798 billion, gas imports rose by 16.4% to $2.03 billion, and coal imports grew by 4.0% to $846 million.
By country, imports from China (48.7%), the EU (16.7%), the United States (29.5%), Japan (31.6%), and Taiwan (76.9%) increased, while imports from Australia (-13.7%) and Saudi Arabia (-22.7%) declined.
With exports exceeding imports, the trade balance recorded a surplus of $22.966 billion, bringing the cumulative annual trade surplus to $225.59 billion.
* This article has been translated by AI.
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