South Korean Exports Projected to Rise 16th Straight Month
South Korean exports are expected to grow for the 16th consecutive month in September, driven by a record surge in AI semiconductor sales.
South Korea is projected to see its exports rise for the 16th consecutive month in September, fueled by intense demand for AI-related semiconductors. A Reuters poll of 18 economists forecasts a 62.0% year-on-year increase, though this is a slight moderation from the 68.7% growth recorded in August.
Analysts attribute the slower growth rate to calendar effects, as September had 21.5 working days compared to 24 in the previous year due to Chuseok holiday timing. Despite the fewer working days, exports during the first 20 days of the month hit a record high, with semiconductor sales specifically surging 259.4%.
Imports are expected to increase by 21.5%, which would result in a record monthly trade surplus of $38.15 billion. NH Investment Securities noted that the boom in semiconductor exports will persist as AI hyper-scaler investments continue to increase. Official trade figures are scheduled for release on October 1.
