South Korea’s exports reached a document excessive within the third quarter, pushed by sturdy shipments of semiconductors, authorities knowledge confirmed Monday, amid a “tremendous cycle” within the chip business prompted by a growth within the synthetic intelligence (AI) sector.
Outbound shipments for the July-September interval got here to $185 billion, up 6.5 p.c from the identical interval final yr, in line with the Ministry of Knowledge and Statistics. It marks the biggest quarterly export determine for the reason that ministry started compiling related knowledge in 2010.
The rise additionally marks the second consecutive quarter of year-on-year development, following a 2.1 p.c rise within the second quarter.
“Though unresolved South Korea-U.S. tariff negotiations might have weighed on exports by the third quarter, sturdy semiconductor shipments led general export development,” a ministry official stated.
In late October, Seoul and Washington finalized a long-awaited settlement on the main points of Seoul’s $350 billion pledge made in alternate for decrease U.S. tariffs throughout summit talks between President Lee Jae Myung and U.S. President Donald Trump.
The variety of exporting firms rose 4.5 p.c year-on-year to 69,808 within the third quarter.
By product kind, outbound cargo of capital items, led by semiconductors, elevated 11.2 p.c year-on-year to $111 billion, the info confirmed.
Client items, led by vehicles, rose 4.9 p.c year-on-year to $23.9 billion, ending 4 consecutive quarters of decline.
Vehicle exports to america and China declined within the third quarter, however shipments to Europe elevated, pushed by sturdy demand for electrical autos, the ministry stated.
By firm dimension, exports from massive firms superior 5.1 p.c year-on-year to $122.3 billion, the best determine for the reason that ministry started compiling such knowledge in 2015.
Medium-sized firms noticed exports rise 7 p.c year-on-year to a brand new quarterly excessive of $32.3 billion.
The ministry famous that elevated semiconductor exports have been the primary driver for giant corporations, whereas development in semiconductor elements and gear boosted medium-sized firms’ exports.
