South Korean exports were forecast to rise 62.0% in September, marking the 16th consecutive month of growth, driven by strong demand for AI chips. However, the pace of increase is expected to moderate due to fewer working days compared to the previous year.
South Korea's export performance is a key indicator of global trade health, and sustained growth, particularly in semiconductors, signals continued demand for AI-related technologies and robust economic activity in the tech sector.
South Korean exports are anticipated to have increased for the 16th consecutive month in September, fueled by robust demand for semiconductors driven by AI investments, according to a Reuters poll of 18 economists. The projected year-on-year growth for September is 62.0%, a moderation from August's 68.7% rise, attributed partly to fewer working days due to the Chuseok holidays.
In the first 20 days of September, prior to the holidays, exports surged 78.3% to a record high, with semiconductor sales jumping 259.4%. Measured by working day, exports averaged an 89.8% increase. An Ki-tae, an economist at NH Investment Securities, stated that the boom in semiconductor exports is expected to continue due to ongoing AI hyper-scaler investments.
Imports were forecast to grow 21.5% in September, following a 22.4% increase in August. The poll indicated a record monthly trade surplus of $38.15 billion for September, up from $34.79 billion in the previous month. South Korea is scheduled to release its official September trade figures on Thursday, October 1.
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