Exports in Early September Surge 82.6% to $35 Billion, Highest Ever for the Period

[Financial News] Exports from September 1–10 rose 82.6% to $35 billion, marking the highest export total ever recorded for the same period. Semiconductor exports surged 270.1%, driving overall export growth.
According to the Korea Customs Service’s preliminary tally of trade from September 1–10 released on the 11th, exports during the period totaled $35 billion, up 82.6% ($15.82 billion) from the same period last year.
Average daily exports, adjusted for working days, also rose 82.6% to $4.11 billion. The number of working days during the period was 8.5, unchanged from last year.
By product, semiconductor exports increased 270.1% from the same period last year. Semiconductor exports totaled $16.5 billion, the highest ever for the same period. Semiconductors accounted for 47.1% of total exports, up 23.9 percentage points from the same period last year.
Exports of ships (66.8%), petroleum products (57.0%), steel products (10.3%), and passenger cars (10.0%) also increased, while exports of precision instruments (-4.8%) declined.
By destination, exports to China (103.0%), the United States (137.5%), Taiwan (176.0%), Vietnam (42.2%), and the European Union (38.9%) increased. The top three destinations—China, the United States, and Taiwan—accounted for 51.9% of total exports.
Imports during the period totaled $24.606 billion, up 20.7% from a year earlier. As a result, the trade balance posted a surplus of $10.367 billion.
By import category, imports of semiconductors (91.5%), crude oil (3.5%), and semiconductor manufacturing equipment (44.8%) increased, while machinery imports (-2.7%) declined. Imports of energy, including crude oil, gas, and coal, rose 1.5%.
By country, imports from China (50.0%), the United States (17.3%), the European Union (6.5%), and Japan (39.8%) increased, while imports from Australia (-0.7%) declined.
[email protected] Kim Won-jun Reporter