South Korea exports surge 82.6% driven by semiconductor demand

South Korea's exports surged by 82.6% year-on-year during the first ten days of September, reaching $35 billion. This record-breaking performance was primarily driven by a 270% jump in semiconductor shipments, fueled by global demand for artificial intelligence. Other sectors also saw significant growth, including petroleum products (up 57%), ships (up 66.8%), and automobiles (up 10%).

Driven by this export strength and increased facility investment, the Hyundai Research Institute raised its economic growth forecast for South Korea from 2.7% to 3.5%. While the economy is entering an expansionary phase, experts warn of potential headwinds, including high oil prices due to Middle East tensions, geopolitical risks, and high interest rates that may constrain domestic consumption.

The Ministry of Economy and Finance noted that while the trade surplus remains strong, the government is monitoring inflationary pressures and employment conditions for vulnerable groups to ensure economic stability.