South Korea's monthly exports top $120 billion for the first time on record chip sales

SEOUL, Oct 1 — South Korea's exports jumped 83.5% in September from a year earlier ​to a record $120.9 billion, government data showed on Thursday, as semiconductor shipments more than tripled on global spending on artificial intelligence.

Data released ‌by the customs office showed outbound shipments outstripped market expectations for a 62.0% increase, marking the country's ⁠16th consecutive month of export growth.

Exports ​for January to September reached $814.5 billion, ⁠the first time they have topped $800 billion over this period. That is ‌already more than last ‌year's full-year record of $709.3 billion and on track to top $1 trillion.

"While ⁠the achievement of annual exports of $1 trillion ⁠is expected, the strengthening of global protectionism and the tense situation in the Middle East region still remain big variables for our exports," Industry Minister Kim Jung-kwan said in a statement.

Average exports per working day more than doubled in September, up 104.9% compared to the previous year.

The increase ‌was anchored by a historic peak in semiconductor ​shipments, which continue to serve as the backbone of the global AI infrastructure build-out.

The data support the Bank of Korea's view that the economy can withstand higher borrowing costs.

In August, the central bank raised its key rate by 25 basis points to 3%, its second hike in a row. It also raised its 2026 growth forecast to 3.3% from 2.6%. ​Policymakers' median rate projection suggests one more quarter-point hike, though Governor Shin Hyun Song ‌said tightening would ‌be gradual.

Chip ⁠exports in September rose 262.8% to $60.3 billion, making up almost half of all exports.

Computer exports rose 435.3% to $7.0 billion on demand for agentic AI and AI infrastructure.

Exports to the United States rose 137.0% to $24.33 billion and shipments to China ‌rose 122.7% to $26.01 billion.

Imports climbed ​26.0% year-on-year, outpacing the 21.5% forecast. This ‌resulted in a provisional ⁠trade surplus of $49.85 ​billion, up from $34.79 billion in August.

(Reporting by Cynthia Kim; Editing by Clarence Fernandez and ​Ed Davies)

Related topics