Korea’s exports hit record $120.9 billion as chip sales surge in September

Korea's exports soared 83.5 percent to a record $120.9 billion in September from a year earlier, driven by a surge in chip shipments, data showed Thursday.

Semiconductor exports exceeded $60 billion for the first time ever last month, boosting overall export figures, the Ministry of Trade, Industry and Resources said in a press release.

Imports climbed 26 percent from the previous year to $71.09 billion, resulting in an unprecedented trade surplus of $49.85 billion.

By sector, semiconductor exports, a key pillar of Asia's fourth-largest economy, skyrocketed 263 percent during the period to $60.3 billion, helped by increased shipments and higher product prices amid rising demand for memory chips.

Exports of petroleum products jumped 72 percent to $7.22 billion, while those of petrochemical products rose 5.1 percent to $3.95 billion.

Cosmetics exports shot up 31.4 percent to $1.51 billion on rising demand in China, the United States and the European Union.

Automobile exports, however, fell 5.5 percent to $6.05 billion, hurt by fewer working days driven by the Chuseok holiday and a decline in used-car exports.

By destination, exports to China vaulted 123 percent to $26 billion, driven by strong shipments of semiconductors and wireless communications equipment.

Exports to China exceeded $20 billion for the fourth consecutive month.

Shipments to the U.S. surged 137 percent to $24.33 billion, driven by robust demand for chips, petrochemical products and general machinery.

Yonhap