South Korea's September exports hit record $120.94b; 9-month total tops $800b for first time

South Korea's exports surpassed $120 billion last month for the first time on record, driven by a surge in semiconductor shipments that pushed the monthly trade surplus to near-record levels. Semiconductors accounted for roughly half of total exports at $60 billion, and the trade surplus approached $50 billion — also a historic high. Cumulative exports for the first nine months of this year exceeded $810 billion, breaking the $800 billion mark for the first time since records began.

The Ministry of Trade, Industry and Energy said Thursday that September exports reached $120.94 billion on a customs-clearance basis, up 83.5 percent from a year earlier.

It was the first time monthly exports have exceeded $120 billion, surpassing the previous all-time high of $102.2 billion set in June.

Working days in September totaled 21.5, down 3.5 days from the same month last year due to the Chuseok holiday. Adjusting for the shorter working month, average daily exports came to $5.63 billion — a 104.9 percent increase from $2.75 billion in the same month last year.

Cumulative exports for January through September reached $814.5 billion, already far exceeding last year's full-year record of $793 billion. If the momentum holds, South Korea is within reach of the long-sought goal of $1 trillion in annual exports — a milestone that could lift the country past Japan, which ranked sixth in the World Trade Organization's merchandise trade statistics last year with $738.3 billion, and potentially challenge the Netherlands for fourth place.

The Korea Institute for Industrial Economics and Trade projected in May that full-year exports would reach $924.4 billion.

Semiconductor exports totaled $60.3 billion in September, up 262.8 percent from a year earlier and the first time the category has crossed the $60 billion mark in a single month. The previous monthly record for semiconductors was $46.7 billion, set in August. Continued growth in memory chip demand, higher export volumes and rising contract prices all contributed to the strong performance.

Other IT products also posted strong gains. Computer exports jumped 435.3 percent to $7 billion, buoyed by the spread of agentic AI and rising demand for AI infrastructure, while wireless communications device exports rose 23.4 percent to $2.14 billion on strong premium model sales and increased shipments of iPhone components.

Automobile exports fell 5.5 percent from a year earlier to $6.05 billion. The ministry said the decline reflected fewer working days due to the timing of the Chuseok holiday and sluggish used-car exports.

Among the top 20 major export items, 11 recorded year-on-year increases.

By region, exports grew in six of nine tracked markets. Exports to China surged 122.7 percent to $26.01 billion, while exports to the United States rose 137.0 percent to $24.33 billion.

September imports rose 26.0 percent to $71.09 billion, leaving a trade surplus of $49.85 billion — just shy of the $50 billion mark.

The cumulative trade surplus for January through September stood at $252.5 billion, up $202.7 billion from the same period last year.

"Annual exports of $1 trillion now appear within reach, but the intensification of global protectionism and ongoing tensions in the Middle East remain variables for our exports," Trade Minister Kim Jung-kwan said. "We will keep high-level channels with major trading partners' trade authorities in constant operation and closely monitor export regulation trends."