Ministry of Industry Reports September Export-Import Trends
5.7% Increase to $58.77 Billion... Highest Ever in September
Q3 Sees 10.7% Rise to $173.9 Billion
Exports continued to grow last month, marking 12 consecutive months of export growth. Semiconductor exports reached an all-time high, and automobile exports recorded the highest performance for September.
According to the September trade trends announced by the Ministry of Trade, Industry and Energy on the 1st, exports amounted to $58.77 billion, a 7.5% increase compared to the previous year.
September exports recorded $58.77 billion, the highest ever for September and the largest performance this year, continuing a positive trend for 12 consecutive months. In particular, the average daily export in September reached an all-time high of $2.94 billion (up 12.9%).
In September, exports of 6 out of the 15 major export items increased, including semiconductors, wireless communication devices, computers, automobiles, ships, and biohealth. Semiconductor exports, the largest export item, recorded $13.6 billion (up 37.1%), setting a new record for the third time in three months since June and continuing an 11-month consecutive growth trend. Computer exports increased by triple digits (132.0%) to $1.5 billion for the ninth consecutive month, and wireless communication device exports rose to $1.9 billion (up 19.0%) for the seventh consecutive month.
Automobile exports, the second largest export item, increased by 4.9% year-on-year to $5.5 billion despite a decrease in operating days (-1.0 day), achieving the highest performance for September and turning positive after four months. Ship exports rose 76.2% to $2.4 billion, with the growth rate exceeding 50% for two consecutive months. Biohealth exports also increased by 9.9% to $1.2 billion, marking three consecutive months of growth.
By region, exports to China increased to $11.7 billion (up 6.3%) due to growth in semiconductor and wireless communication device exports, marking the highest performance this year. The trade balance with China turned positive ($500 million) for the first time in seven months, supported by strong export momentum. Exports to the United States reached $10.4 billion (up 3.4%), the highest ever for September, setting a new monthly record for 14 consecutive months.
Exports to the European Union (EU) amounted to $6.0 billion (up 5.1%), with significant increases in IT items such as wireless communication devices and computers, marking the highest monthly export performance for two consecutive months. Additionally, exports to the three major export markets, the Association of Southeast Asian Nations (ASEAN), reached $9.5 billion (up 0.6%), increasing for six consecutive months. Exports to the Middle East ($1.6 billion, up 15.5%) also turned positive after one month.
Imports in September amounted to $52.12 billion, up 2.2%. Energy imports decreased due to reduced crude oil (-11.6%) and gas (-0.6%) imports, totaling $10.4 billion (-8.4%). The trade balance recorded a surplus of $6.66 billion, an increase of $2.98 billion compared to the previous year, continuing a surplus trend for 16 consecutive months.
Exports in the third quarter (July to September) of this year reached $173.9 billion, a 10.7% increase compared to the previous year. In particular, semiconductor exports recorded a quarterly record high of $36.7 billion (up 41.4%), and exports to the United States ($30.6 billion) and the EU ($18.0 billion) also set record highs for the third quarter. The trade balance showed a surplus of $13.9 billion, improving by $7.5 billion compared to the previous year.
Minister of Trade, Industry and Energy Ahn Deok-geun said, "In September, the average daily export recorded an all-time high, and quarterly export performance has increased consecutively this year, clearly showing an 'upward and high' trend for exports in 2024. We will focus all available resources as a public-private one team to expand exports and provide full support so that this favorable trend continues until the end of the year and achieves the highest export performance ever."
Minister Ahn added, "The government will also thoroughly manage export risk factors such as geopolitical uncertainties in the Middle East and the planned strike at U.S. East Coast ports (scheduled for October 1 local time). In case of any situation, we will promptly implement emergency plans centered on the 'Public-Private Joint Export Emergency Response Team,' including securing alternative logistics routes and providing liquidity support to affected companies, to minimize any negative impact on exports."
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