This is the highest monthly export figure in 61 years since the Korean government began tracking trade data in 2012. On October 1, the Ministry of Commerce, Industry and Energy released the import and export data for September 2017. The US posted a trade surplus of $13.7 billion that month.
The surplus, which is almost twice as high as in August and higher than in September 2016, is the result of higher export figures in 10 of Korea’s 13 major industrial sectors.
Semiconductors, computers and displays, the driving force behind these exports, have soared as demand for advanced mobile tools, data and digital content has increased.
In particular, semiconductor exports recorded $9.6 billion in September. This is due to the rising price of DRAM (Dynamic Random-Access Memory) chips and increased demand from the launch of new smartphones.
“Since the government began collecting data, monthly exports of $23.5 billion and average daily exports reached record highs,” said Trade Minister Paik Un-gyu. The government will continue to work to improve the export environment not only to expand the scale of exports, but also to make a greater contribution to the domestic economy, including job creation and growth of SMEs. “The minister said.