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

[SEOUL] South Korea‘s exports jumped 83.5 per cent in September from a year earlier to a record US$120.9 billion, government data showed on Thursday (Oct 1), 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 per cent increase, marking the country’s 16th consecutive month of export growth.

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

“While the achievement of annual exports of US$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 per cent 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 per cent, its second hike in a row. It also raised its 2026 growth forecast to 3.3 per cent from 2.6 per cent. 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 per cent to US$60.3 billion, making up almost half of all exports.

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Computer exports rose 435.3 per cent to US$7 billion on demand for agentic AI and AI infrastructure.

Exports to the United States rose 137 per cent to US$24.33 billion and shipments to China rose 122.7 per cent to US$26.01 billion.

Imports climbed 26 per cent year-on-year, outpacing the 21.5 per cent forecast. This resulted in a provisional trade surplus of US$49.85 billion, up from US$34.79 billion in August. REUTERS