SEOUL, Oct. 1 (Xinhua) — South Korea’s export hit a record high last month due to solid global demand for locally-made semiconductors, cars and ships, government data showed Wednesday.
Export, which accounts for about half of the export-driven economy, soared 12.7 percent to 65.95 billion U.S. dollars in September compared to the same month of last year, continuing to go up since June, according to the Ministry of Trade, Industry and Energy.
It surpassed the previous monthly high of 63.8 billion dollars tallied in March 2022. The daily average export shrank 6.1 percent to 2.75 billion dollars on the back of more working days, but it marked the second-highest September figure.
Import gained 8.2 percent to 56.40 billion dollars, sending the trade surplus to 9.56 billion dollars. The trade balance stayed in black for the eighth consecutive month since February.
Of the country’s 15 major export items, 10 products saw an increase in outbound shipment.
Semiconductor export jumped 22.0 percent over the year to reach a new high of 16.61 billion dollars in September.
The surging chip shipment was attributed to strong demand for high-end chips, such as double data rate 5 (DDR5) and high bandwidth memory (HBM) products used in generative artificial intelligence (AI) chipsets as well as higher fixed price for memory chips.
Automotive shipment spiked 16.8 percent to 6.40 billion dollars last month, keeping an upward trend for the fourth successive month on the back of robust demand for eco-friendly vehicles.
Export for ships jumped 21.9 percent to 2.89 billion dollars, continuing to grow for the seventh straight month amid strong demand for high-value-added ships.
Machinery shipment rebounded 10.3 percent to 4.20 billion dollars on robust demand from Southeast Asia and the Middle East.
Oil products export rose 3.7 percent to 4.15 billion dollars, marking the first turnaround in three months on higher products price.
Global prices for gasoline and diesel climbed 1.4 percent and 5.6 percent each in September compared to the same month of last year.
Petrochemical shipment slipped 2.8 percent to 3.71 billion dollars amid global supply glut and cheaper crude oil.
Dubai crude, the Asian country’s benchmark, averaged 69.4 dollars per barrel in August, down 10.6 percent from a year earlier.
Global demand for display panels inched up 0.9 percent to 1.75 billion dollars, while those for mobile devices and computers declined to 1.75 billion dollars and 1.31 billion dollars each.
Auto parts shipment expanded 6.0 percent to 1.92 billion dollars, but steel products export diminished 4.2 percent to 2.63 billion dollars because of the negative effect of the U.S. protectionist moves.
Secondary battery shipment reduced 8.8 percent to 630 million dollars, while those for home appliances and textiles swelled to 690 million dollars and 870 million dollars respectively.
Export to the United States dwindled 1.4 percent from a year earlier to 10.27 billion dollars in September.
Shipment to the Association of South East Asian Nations (ASEAN) climbed 17.8 percent to 11.06 billion dollars, and export to the European Union (EU) mounted 19.3 percent to 7.16 billion dollars.
Export to Japan went up 3.2 percent to 2.56 billion dollars, while those to Latin America, India and the Middle East were up in double digits to 3.03 billion dollars, 1.73 billion dollars and 1.87 billion dollars each.
Regarding import items, the import of three major energy sources, including crude oil, natural gas and coal, dropped 8.8 percent to 9.40 billion dollars last month on lower crude oil price.
Non-energy import jumped 12.5 percent to 47.00 billion dollars on stronger demand for semiconductor equipment and steel products.
SEOUL, Oct 1 (NNN-YONHAP) – South Korea’s export hit a record high last month, due to solid global demand for locally-made semiconductors, cars and ships, government data showed, today.
Export, which accounts for about half of the export-driven economy, soared 12.7 percent to 65.95 billion U.S. dollars in Sept, compared to the same month of last year, continuing to go up since June, according to the Ministry of Trade, Industry and Energy.
It surpassed the previous monthly high of 63.8 billion dollars tallied in Mar, 2022. The daily average export shrank 6.1 percent to 2.75 billion dollars on the back of more working days, but it marked the second-highest Sept figure.
Import gained 8.2 percent to 56.40 billion dollars, sending the trade surplus to 9.56 billion dollars. The trade balance stayed in black for the eighth consecutive month since February.
Of the country’s 15 major export items, 10 products saw an increase in outbound shipment.
Semiconductor export jumped 22.0 percent over the year to reach a new high of 16.61 billion dollars in September.
The surging chip shipment was attributed to strong demand for high-end chips, such as double data rate 5 (DDR5) and high bandwidth memory (HBM) products, used in generative artificial intelligence (AI) chipsets, as well as, higher fixed price for memory chips.
Automotive shipment spiked 16.8 percent to 6.40 billion dollars last month, keeping an upward trend for the fourth successive month on the back of robust demand for eco-friendly vehicles.
Export for ships jumped 21.9 percent to 2.89 billion dollars, continuing to grow for the seventh straight month amid strong demand for high-value-added ships.
Machinery shipment rebounded 10.3 percent to 4.20 billion dollars, on robust demand from Southeast Asia and the Middle East.
Oil products export rose 3.7 percent to 4.15 billion dollars, marking the first turnaround in three months on higher products price.
Global prices for gasoline and diesel climbed 1.4 percent and 5.6 percent each in September, compared to the same month of last year.
Petrochemical shipment slipped 2.8 percent to 3.71 billion dollars amid global supply glut and cheaper crude oil.
Dubai crude, the country’s benchmark, averaged 69.4 dollars per barrel in August, down 10.6 percent from a year earlier.
Global demand for display panels inched up 0.9 percent to 1.75 billion dollars, while those for mobile devices and computers declined to 1.75 billion dollars and 1.31 billion dollars each.
Auto parts shipment expanded 6.0 percent to 1.92 billion dollars, but steel products export diminished 4.2 percent to 2.63 billion dollars, because of the negative effect of the U.S. protectionist moves.
Secondary battery shipment reduced 8.8 percent to 630 million dollars, while those for home appliances and textiles swelled to 690 million dollars and 870 million dollars respectively.
Export to the United States dwindled 1.4 percent from a year earlier to 10.27 billion dollars in September.
Shipment to the Association of South East Asian Nations (ASEAN) climbed 17.8 percent to 11.06 billion dollars, and export to the European Union (EU) mounted 19.3 percent to 7.16 billion dollars.
Export to Japan went up 3.2 percent to 2.56 billion dollars, while those to Latin America, India and the Middle East were up in double digits to 3.03 billion dollars, 1.73 billion dollars and 1.87 billion dollars each.
Regarding import items, the import of three major energy sources, including crude oil, natural gas and coal, dropped 8.8 percent to 9.40 billion dollars last month on lower crude oil price.
Non-energy import jumped 12.5 percent to 47.00 billion dollars on stronger demand for semiconductor equipment and steel products.– NNN-YONHAP
