South Korea's exports hit record $71.4b in first 20 days of September

South Korea's exports surged 78 percent year-on-year to more than $70 billion in the first 20 days of September, driven by a semiconductor boom, setting a record for the period. Despite the Chuseok holiday cutting working days by about three compared to last year, analysts say monthly exports could again surpass $100 billion, as they did in June.

Semiconductor exports jumped nearly 260 percent, accounting for 48 percent of total exports — nearly half the overall figure.

According to Korea Customs Service data released Monday, exports from Sept. 1 to Sept. 20 reached $71.4 billion on a customs-clearance basis, up 78.3 percent from the same period last year. The previous record for the period was $61.7 billion, set in June. Monthly exports crossed the $100 billion mark for the first time in history that same month.

The number of working days in the Sept. 1–20 period stood at 15.5, one day fewer than the same period last year. Adjusting for that, average daily exports came to $4.61 billion, up 89.8 percent.

Cumulative exports from January through Sept. 20 reached $765 billion, up $271.3 billion from $493.7 billion in the same period last year. If exports total around $240 billion over the remaining three months of the year — October through December — annual exports would surpass $1 trillion for the first time in history. That would put South Korea ahead of Japan, which ranked sixth in the World Trade Organization's merchandise trade statistics last year with $738.3 billion, and potentially within reach of fourth-place Netherlands.

By product category, semiconductor exports rose 259.4 percent to $34.12 billion, also a record for the Sept. 1–20 period. Semiconductors accounted for 47.8 percent of total exports, up 24.1 percentage points from the same period last year — likewise a record for the period.

The semiconductor export boom reflects sustained demand for AI infrastructure, fueled by capital expenditure expansion by hyperscalers such as Google and Amazon. Semiconductor exports have broken monthly records five times this year alone: $25.1 billion in February, $32.8 billion in March, $37.2 billion in May, $44.8 billion in June and $46.7 billion in August.

Petroleum products (up 47.8 percent) and passenger vehicles (up 9.3 percent) also posted gains, while wireless communications devices edged down 0.4 percent.

By destination, exports grew broadly across major markets: China (up 113.8 percent), the United States (up 118.0 percent), Vietnam (up 44.8 percent), Taiwan (up 128.5 percent) and the EU (up 37.0 percent). The top three destinations — China, the United States and Vietnam — together accounted for 51.4 percent of total exports.

Imports rose 26.7 percent to $48.44 billion. By category, semiconductors (up 88.8 percent), crude oil (up 37.3 percent) and semiconductor manufacturing equipment (up 55.6 percent) all increased, while petroleum products fell 24.8 percent.

Energy imports — covering crude oil, gas and coal — climbed 27.9 percent amid ongoing instability in the Middle East. By country, imports from China (up 48.7 percent), the EU (up 16.7 percent), the United States (up 29.5 percent) and Japan (up 31.6 percent) all increased, while those from Australia fell 13.7 percent.

With exports outpacing imports, the trade balance posted a surplus of $23 billion for the Sept. 1–20 period — the largest on record for that stretch.