Semiconductors set a new monthly record for South Korean exports. The Ministry of Trade, Industry and Energy said on Wednesday semiconductor exports in September hit $60.3 billion, the first time a single item topped $60 billion in a month. That was up 263 percent from a year earlier and beat the previous record of $46.7 billion in August. Memory export volumes rose and fixed prices, which companies and customers set in contracts, also increased. The DDR5 16Gb product rose to $48 in September from $37.5 in May.

Outside semiconductors, computer exports rose 435.3 percent to $7.0 billion. Wireless communications devices extended gains for an 11th straight month on strong premium smartphone sales and increased exports of iPhone parts. Ship exports rose 29.9 percent as deliveries including LNG carriers increased. Car exports fell 5.5 percent due to base effects from the timing shift of the Chuseok holiday and weak used-car sales.

Total exports in September climbed 83.5 percent to $120.9 billion, topping $120 billion for the first time in a month. Imports rose 26.0 percent to $71.1 billion. The trade balance posted a $49.9 billion surplus, topping $40 billion for the first time on a monthly basis. Average daily exports also reached $5.63 billion, exceeding $5.0 billion for the first time. Cumulative exports from January to September totaled $814.5 billion, already surpassing last year's full-year result of $709.3 billion, and the cumulative trade surplus was $252.5 billion.

By region, exports to China rose 122.7 percent to $26.0 billion, topping $20 billion for a fourth straight month. Exports to the United States rose 137.0 percent to $24.3 billion. Exports to ASEAN rose to $21.3 billion, topping $20 billion for the first time. Semiconductors led the increases in all three regions. Exports to the Middle East fell 14.1 percent as passage through the Strait of Hormuz became difficult. For the same reason, rising international oil prices pushed petroleum product exports up 72.0 percent, but volumes fell 6.9 percent, and crude oil imports rose to $8.0 billion.

Trade Minister Jeong-kwan Kim (김정관) said September exports exceeded $120 billion for the first time, and cumulative exports for January to September topped $800 billion, surpassing last year's record of $709.3 billion early. He said it was a meaningful achievement that again showed the strength of South Korea's industry and companies, and was due to the sweat and effort of businesspeople who have competed fiercely in global markets.

Kim said achieving $1 trillion in annual exports was expected, but strengthening global protectionism and tensions in the Middle East still remained major variables for South Korean exports. He added the government would keep high-level channels with trade authorities in major countries operating at all times and closely check trends in export restrictions. He said it would also respond preemptively so unexpected external variables do not negatively affect exports and to maintain export momentum in the remaining fourth quarter.