October 08, 2023 – According to reports from foreign sources, South Korea’s semiconductor exports continued to rise month-on-month in September, following a 15% increase in August. However, the downward trend in year-on-year comparisons has yet to be reversed.
Citing data from the South Korean Ministry of Trade, Industry, and Energy, foreign media reported that South Korea’s semiconductor exports reached $9.9 billion in September. While this figure is lower than the $11.5 billion recorded in the same period last year, marking a 13.6% year-on-year decrease, it represents the highest monthly export total in nearly a year.
Previously released data from the South Korean Ministry of Trade, Industry, and Energy showed that semiconductor exports in August were $8.56 billion. September’s $9.9 billion figure marked an increase of $1.34 billion, translating to a 15.6% month-on-month growth rate, consistent with the previous month’s growth rate.
The 13.6% year-on-year decrease in September means that South Korea’s semiconductor exports have now seen 14 consecutive months of year-on-year decline since August of the previous year.
The surge in semiconductor export values, contributing to a near-yearly high, also led to a record high for South Korea’s IT product exports in September, totaling $11 billion.
With semiconductor export figures continuing to rise on a month-on-month basis, South Korea’s overall export situation has also been improving. Data from the South Korean Ministry of Trade, Industry, and Energy indicates that South Korea’s total exports in September reached $54.66 billion, marking a 4.4% year-on-year decrease. While the year-on-year decline has persisted since October of the previous year, the rate of decline has notably narrowed.
