South Korea exports hit record high

Seoul South Korea’s exports surged 83.5% year-on-year to a record $120.9 billion in September, driven largely by a sharp rise in semiconductor shipments, according to data released Thursday by the Ministry of Trade, Industry and Resources. Semiconductor exports crossed $60 billion for the first time, reaching $60.3 billion after soaring 263% from a year earlier. Higher memory-chip prices and increased shipments amid strong global demand supported the increase. Imports also rose 26% to $71.09 billion, resulting in an unprecedented monthly trade surplus of $49.85 billion. Petroleum product exports increased 72% to $7.22 billion, while petrochemical exports rose 5.1% to $3.95 billion. Cosmetics shipments climbed 31.4% to $1.51 billion, supported by demand from China, the United States and the European Union. Automobile exports were an exception, declining 5.5% to $6.05 billion. The fall was attributed partly to fewer working days during the Chuseok holiday and weaker used-car exports. Exports to China more than doubled, rising 123% to $26 billion, supported by semiconductor and wireless communications shipments. Shipments to the United States jumped 137% to $24.33 billion. Exports to Southeast Asia increased 92.6% to $21.29 billion, while those to the European Union rose 20.9% to $8.65 billion. Industry Minister Kim Jung-kwan said January-September exports crossed $800 billion for the first time, surpassing the previous annual record of $709.3 billion.