Korea’s Exports Showing Continuous Positive Trends

The nation’s September exports increased by 7.5% from the same month last year, continuing the 12-month positive export trend. According to data recently released by the Ministry of Trade, Industry and Energy (MOTIE), exports recorded the highest performance ever for September and the highest performance this year at US$58.77 bil. The average daily exports in September were recorded at $2.94 bil., increasing by 12.9%.
Among the 15 major export items, the largest increases were in semiconductors, wireless communication devices, computers, automobiles, ships, and bio-health items.
Semiconductor exports, the largest export item, increased by 37.1% to $13.6 billion. These broke the record for the first time in three months since June and continued the 11-month consecutive increase. Computer exports increased by 132% to $1.5 billion, growing for nine consecutive months; and exports of wireless communication devices increased by 19% to $1.9 billion, rising for seven consecutive months.

Automobile exports, the second largest export item, recorded $5.5 billion, up 4.9% year-on-year despite a decrease in the number of operating days (-1.0 days). They turned positive for the first time in four months, achieving the highest performance as of September.
Ship exports increased by 76.2% to $2.4 billion, and the growth rate exceeded 50% for the second consecutive month. Bio-health exports also grew by 9.9% to $1.2 billion, increasing for the third consecutive month.
Exports to China increased by 6.3% to $11.7 billion, the highest performance this year, due to an increase in Korea’s exports of semiconductors and wireless communication devices. The trade balance with China also turned to a surplus ($500 million) for the first time in seven months, thanks to the favorable export trend.
Exports to the United States increased by 3.4% to $10.4 billion, the highest ever in September, and renewing its monthly record for 14 consecutive months.
Exports to the EU increased by 5.1% to $6 billion, with a significant increase in exports of IT items such as wireless communications and computers. It has recorded its highest monthly export record for two consecutive months.

 
 
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