- Registration date2024-10-02
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The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on October 1 that September monthly exports rose 7.5 percent year-on-year to USD 58.8 billion. Imports inched up 2.2 percent to $52.1 billion and the trade balance stood at a surplus of $6.7 billion.
Maintaining growth for the 12th consecutive month, the export value for September hit an all-time high for the month and the daily average export value also reached a historic high of $2.9 billion (up 12.9 percent).
By item, six out of 15 major export items advanced. Semiconductors (up 37.1 percent to $13.6 billion) increased for the 11th consecutive month, surpassing their record high set this June. Computer exports and wireless communication devices expanded 132.0 percent and 19.0 percent to $1.5 and $1.9 billion, respectively, growing for the ninth and seventh consecutive month.
Snapping the four-month losing streak, automobile exports logged $5.5 billion (up 4.9 percent) despite the lower number of operating days (-1.0) and achieved a record high for September.
Meanwhile, ship exports surged 76.2 percent to $2.4 billion and exceeded the 50 percent growth rate thresholds for the second consecutive month. Bio-health exports climbed 9.9 percent to $1.2 billion, gaining for the third consecutive month.
By region, September exports to China marked this year’s highest at $11.7 billion (up 6.3 percent) on the backs of strong demand for semiconductors and wireless communication devices. The trade balance to China also broke the seven-month downward streak and stood at a surplus of $0.5 billion.
Exports to the U.S. amounted to a record high for September at $10.4 billion (up 3.4 percent) and renewed monthly export highs for the 14th consecutive month.
To the EU, exports hiked 5.1 percent to $6.0 billion amid steep growth of IT goods including wireless communication devices and computers, renewing monthly export highs for the second consecutive month.
Exports to ASEAN and CIS countries showed an uptick of 0.6 percent and 8.2 percent to $9.5 billion and $1.0 billion, respectively, each rising for the sixth and third consecutive month.
To the Middle East, exports turned to an expansion after a month of decline, growing 15.5 percent to $1.6 billion.
Energy imports decreased 8.4 percent to $10.4 billion as imports shrank for crude oil (down 11.6 percent) and gas (down 0.6 percent).
The trade balance kept up the surplus trend for the 16th consecutive month, surpassing that of last year by roughly $3.0 billion.
As for exports for the third quarter (Q3) of 2024, Korea achieved $173.9 billion (up 10.7 percent year-on-year). Semiconductor exports logged all-time highs of $36.7 billion (up 41.4 percent) and exports to the U.S. ($30.6 billion) and the EU ($18.0 billion) likewise outperformed their previous Q3 highs. The trade balance for Q3 stood at a surplus of $13.9 billion, an improvement of $7.5 billion compared to Q3 2023.