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South Korea’s exports recorded their fastest growth in 14 months this September, propelled by soaring global demand for semiconductors amid the artificial intelligence boom. According to official trade data, exports rose 12.7% year-on-year to $65.95 billion, significantly outpacing market forecasts of a 7.2% increase and marking the strongest performance since July 2024.
The September jump followed a modest 1.2% rise in August and benefited from favorable calendar effects linked to the Chuseok holidays. Semiconductors led the surge, with shipments climbing 22% to an all-time high of $16.61 billion, underscoring South Korea’s critical role as a global chip supplier. Automobiles also performed strongly, with exports rising 17% on the back of hybrid and electric vehicle demand, despite headwinds from U.S. tariffs.
Regional trade patterns highlighted mixed results. Shipments to China inched up 0.5%, ending four consecutive months of decline, while exports to the European Union and ASEAN countries surged 19.3% and 17.8%, respectively. However, exports to the United States slipped 1.4% as tariffs weighed on competitiveness. Negotiations to formalize a July deal aimed at cutting U.S. tariffs on Korean imports from 25% to 15% have stalled, largely due to Seoul’s concerns over potential foreign exchange implications tied to South Korea’s planned $350 billion investment in the U.S.
Imports also rose sharply, increasing 8.2% to $56.40 billion, marking their biggest jump in 14 months after a 4.1% decline in August. As a result, South Korea posted a trade surplus of $9.56 billion in September, the largest since September 2018, widening from August’s $6.51 billion.
The strong export data reinforces South Korea’s role as a bellwether for global trade, particularly in technology sectors, with chips and clean energy vehicles continuing to drive momentum in a shifting global economy.
