September Exports Reach $55.83 Billion... Highest in 65 Years (Update)

Ministry of Trade, Industry and Energy, September Export and Import Trends

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Last month, exports exceeded $55.8 billion, marking the highest monthly export record in 65 years since trade statistics began in 1956. The growth trend continued for the 11th consecutive month.

According to the Ministry of Trade, Industry and Energy on the 1st, September exports amounted to $55.83 billion, a 16.7% increase compared to the same period last year. The export value surpassed the previous record set in July ($55.48 billion), achieving a new all-time high after two months.

Last month, which included the Chuseok holiday, had two fewer working days than the same period last year. However, the average daily export value reached $2.39 billion, setting a new record.

Since March this year, exports have maintained a double-digit growth rate, exceeded $50 billion in export value, and set new monthly export records for seven consecutive months.

By product category, intermediate goods such as semiconductors, petrochemicals, and steel, as well as IT products including displays, wireless communication devices, and computers, all showed double-digit growth, driving the upward trend. Semiconductors increased for the 15th consecutive month, recording the highest export performance this year ($12 billion) and the second-highest monthly export value ever. Petrochemicals, petroleum products, and steel showed about a 50% increase in September due to the recovery of global trade and rising raw material prices, contributing to the recent strong export performance alongside semiconductors. IT products such as wireless communication devices (including new foldable phone releases), displays (increased demand for smartphones and laptops), and computers (expansion of data centers and servers) also saw double-digit export growth in September due to new smartphone launches and the activation of the non-face-to-face economy. Promising new industries such as electric vehicles and system semiconductors also achieved the highest export value ever recorded for September.

On the other hand, exports of automobiles (-6.1%), auto parts (-5.1%), and ships (-40.5%) declined in September due to the full-week holiday during Chuseok and supply issues with vehicle semiconductors. Biohealth, secondary batteries, home appliances, and textiles also decreased by around 5% due to fewer working days.

Exports to the United States (14.5%) and the European Union (EU, 15.6%) maintained the highest export values for the respective months for 10 and 3 consecutive months, respectively, showing continued strong performance. Despite including the Mid-Autumn Festival in September, exports to China ($14.3 billion) ranked second highest for any September, with a double-digit growth rate of 17.3%.

The cumulative export value up to September this year is $467.7 billion, the highest ever recorded. If exports exceed $44.8 billion in the fourth quarter, annual exports will turn positive for the first time in three years. If exports exceed $137.2 billion in the fourth quarter, the annual export record will be broken. The average quarterly export value this year is $140 billion.

September imports were recorded at $51.62 billion, a 31.0% increase compared to the same period last year. The trade balance showed a surplus of $4.2 billion, continuing a surplus streak for 17 consecutive months.

This content was produced with the assistance of AI translation services.