South Korea’s September Exports Surpass $120 Billion for First Time

Semiconductor exports top $60 billion as AI-driven demand pushes monthly and cumulative exports to record highs

South Korea’s exports exceeded $120 billion in a single month for the first time in September, driven by a continued semiconductor boom and strong demand for artificial intelligence (AI) infrastructure.

According to the Ministry of Trade, Industry and Energy’s September 2026 export and import report released Wednesday, exports reached $120.94 billion last month, up 83.5% from a year earlier. Imports rose 26.0% to $71.09 billion.

The resulting trade surplus stood at $49.85 billion, marking the first time Korea’s monthly trade surplus has surpassed $40 billion.

Exports also set a new cumulative record. Total exports for the January-September period reached $814.5 billion, already exceeding the previous full-year record of $709.3 billion set in 2025.

Average daily exports, adjusted for the number of working days, rose 105% year-on-year to $5.63 billion, surpassing $5 billion for the first time.

September became Korea’s largest month for exports on record, overtaking June’s $102 billion and July’s $99.2 billion.

Semiconductors were the biggest contributor to the record-breaking performance. Semiconductor exports jumped 262.8% year-on-year to $60.3 billion, surpassing the previous monthly record of $46.7 billion set in August.

It was the first time a single export item had generated more than $60 billion in one month. The increase was driven by sustained demand for memory chips, higher export volumes and continued increases in fixed prices.

The strength of semiconductor exports was evident throughout September. Semiconductor exports totaled $16.48 billion during the first 10 days of the month, up 270.1% from a year earlier, accounting for 47.1% of Korea’s total exports during the period. By the first 20 days, semiconductor exports had reached $34.12 billion, up 259.4%, with their share of total exports rising to 47.8%.

The surge reflects the growing demand for memory products amid the expansion of AI data centers and server infrastructure. Demand for high-bandwidth memory (HBM), server DRAM and other high-value memory products has continued to support Korea’s semiconductor exports.

Exports excluding semiconductors also increased 23%, indicating that the September export boom was not limited to the chip industry.

Computer exports surged 435.3% to $7 billion as the spread of agentic AI and rising investment in AI infrastructure boosted demand for servers and related equipment.

Cosmetics exports rose 31.4% to $1.51 billion, reaching an all-time monthly high as overseas demand for Korean beauty products continued to expand.

Ship exports increased 29.9% to $3.76 billion, supported by higher deliveries of liquefied natural gas carriers and very large gas carriers. Petroleum product exports jumped 72.0% to $7.22 billion, partly reflecting higher international oil prices.

Automotive exports, however, declined 5.5% to $6.05 billion. The decline was attributed partly to a base effect stemming from the timing of the Chuseok holiday and weaker used-car exports.

Exports to Korea’s major trading partners also posted sharp increases.

Exports to China surged 122.7% year-on-year to $26.01 billion, exceeding $20 billion for the fourth consecutive month. Exports to the United States rose 137.0% to $24.33 billion.

Exports to the Association of Southeast Asian Nations (ASEAN) jumped 92.6% to $21.29 billion, surpassing $20 billion for the first time. Exports to the European Union increased 20.9% to $8.65 billion, extending their growth streak to 10 consecutive months.

Exports to the Middle East fell 14.1% to $1.6 billion amid difficulties in navigation through the Strait of Hormuz and continued geopolitical uncertainty in the region.

The strong export performance also translated into a sharp increase in Korea’s trade surplus. The cumulative trade surplus for January through September reached $252.5 billion, an increase of $202.7 billion from the same period last year.

The latest figures have strengthened expectations that Korea could reach $1 trillion in annual exports this year. The country would need to maintain strong export momentum during the fourth quarter to reach the milestone.

Kim Jung-kwan, minister of trade, industry and energy, said September exports exceeded $120 billion for the first time, while cumulative exports through September surpassed $800 billion and exceeded last year’s full-year record of $709.3 billion ahead of schedule.

“Annual exports of $1 trillion are now within reach, but the strengthening of global protectionism and tensions in the Middle East remain major variables for Korea’s exports,” Kim said. “We will work to maintain the momentum in exports through the fourth quarter.”

The September figures underscore the growing influence of AI-related demand on Korea’s export structure. While semiconductors remain the main driver, strong growth in computers and other AI infrastructure-related products is broadening the impact of the AI investment cycle across Korea’s export industries.

At the same time, the concentration of export growth in semiconductors and continued geopolitical and trade uncertainties remain key factors to watch as Korea enters the final quarter of the year.