S. Korea sets new export record on strong chip sales
South Korea posted record exports of US$120.9 billion in September, up 83.5% from the same month last year, largely on the back of strong semiconductor shipments, Qazinform News Agency reports, citing Yonhap.
According to the Ministry of Trade, Industry and Resources, overseas shipments of semiconductors topped $60 billion for the first time, providing the main boost to the country's overall export performance.
Imports increased 26% year-on-year to $71.09 billion. As a result, South Korea recorded an all-time high trade surplus of $49.85 billion.
Semiconductors, one of the country's key export industries, saw particularly strong growth, with shipments surging 263% to $60.3 billion. The increase was supported by higher export volumes and prices amid growing demand for memory chips.
Petroleum product exports climbed 72% to $7.22 billion, while shipments of petrochemical products increased 5.1% to $3.95 billion.
The cosmetics industry also delivered strong results, with exports rising 31.4% to $1.51 billion, supported by increased demand from China, the United States and the European Union.
Automobile shipments, meanwhile, declined 5.5% to $6.05 billion. The decrease was attributed to fewer working days during the Chuseok holiday period and weaker exports of used vehicles.
China remained a major destination for South Korean goods, with exports to the country jumping 123% to $26 billion, led by semiconductors and wireless communications equipment. Monthly shipments to China stayed above the $20 billion mark for the fourth consecutive month.
Exports to the United States also recorded a sharp increase, climbing 137% to $24.33 billion on strong demand for semiconductors, petrochemical products and general machinery.
Earlier, South Korea announced plans to more than double its renewable energy capacity to over 100 gigawatts (GW) by 2030, while expanding power infrastructure and energy storage systems to meet growing electricity demand.