S. Korea’s export grows for 12th month in September

SEOUL, Oct. 1 (Xinhua) — South Korea’s export grew for the 12th straight month due to strong demand for locally-made semiconductors and automobiles, government data showed Tuesday.
Export, which accounts for about half of the export-driven economy, gained 7.5 percent from a year earlier to 58.77 billion U.S. dollars in September, continuing to increase since October last year, according to the Ministry of Trade, Industry and Energy.
Import rose 2.2 percent over the year to 52.12 billion dollars in September, sending the trade surplus to 6.65 billion dollars. The trade balance stayed in black for the 16th consecutive month since June last year.
Of the country’s 15 major export items, six products saw an expansion in outbound shipment.
Semiconductor export advanced 37.1 percent over the year to 13.62 billion dollars in September, keeping an upward trend for the 11th successive month.
The double-digit growth was attributed to chip demand relevant to artificial intelligence, higher memory chip prices, and the launch of new smartphones.
Mobile device shipment jumped 19.0 percent to 1.92 billion dollars thanks to the global smartphone market recovery, while computer export more than doubled to 1.51 billion dollars on a continued demand for solid state drive (SSD).
Display panel export shrank 4.3 percent to 1.73 billion dollars last month, keeping a downward trend for the second straight month.
Automotive shipment mounted 4.9 percent to 5.48 billion dollars in August, rebounding in four months on the back of robust demand for hybrid electric vehicle.
Shipment for automotive components and general machinery retreated to 1.81 billion dollars and 3.81 billion dollars each, but export for ships spiked 76.2 percent to 2.39 billion dollars on solid demand for high-value-added ships.
Export for oil products and petrochemicals diminished in single figures to 4.04 billion dollars and 3.84 billion dollars each amid the cheaper crude oil.
Dubai crude, South Korea’s benchmark, averaged 73.5 dollars per barrel in September, down 21.2 percent compared to the same month of last year.
Export for steel and textiles dwindled in single digits to 2.77 billion dollars and 860 million dollars each, while those for home appliances and secondary batteries reduced in double digits to 610 million dollars and 700 million dollars respectively.
Export to the United States climbed 3.4 percent from a year earlier to 10.42 billion dollars in September, maintaining an upward trend for the 14th successive month since August last year.
Shipment to the Association of South East Asian Nations (ASEAN) added 0.6 percent to 9.46 billion dollars on strong demand from Vietnam, and export to the European Union (EU) swelled 5.1 percent to 6.03 billion dollars.
Export to Japan, Latin America and India all slipped to 2.49 billion dollars, 2.26 billion dollars and 1.47 billion dollars each, but shipment to the Middle East expanded 15.5 percent to 1.60 billion dollars.
Regarding import items, the import of three major energy sources, including crude oil, natural gas and coal, declined 8.0 percent to 10.36 billion dollars in September compared to the same month of last year.
Non-energy imports grew 5.3 percent to 41.76 billion dollars on higher demand for chips and naphtha. ■