South Korea's Exports Surge to Record $65.95B in September 2022
South Korea's exports have surged to a record high of $65.95 billion in September 2022, marking the strongest level in over three years. This impressive figure surpasses the previous high of $63.8 billion set in March 2022. The country's trade minister, at the time, attributed this success to the swift diversification of export portfolios by Korean exporters, despite unfavourable US tariff measures.
Semiconductor exports played a significant role in this achievement, jumping 22 percent to $16.61 billion, the highest monthly figure on record. This remarkable growth was driven by increased demand for both combustion and electric vehicles, with auto exports climbing 16.8 percent to $6.4 billion. Additionally, exports rose in eight of Korea's nine major markets, with China ending a four-month decline and ASEAN and EU markets setting new records. Nine of Korea's 15 key export categories posted gains, with shipments of ships surging 21.9 percent and machinery rising 10.3 percent. This success comes after four consecutive months of export increases, with third-quarter exports hitting a historic high of $185 billion.
South Korea's trade surplus for September stood at $9.56 billion, with the country maintaining a near-continuous surplus since June 2023. This impressive performance is a testament to the resilience and adaptability of Korean exporters, who have successfully navigated challenging international trade conditions.
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