S.Korea’s exports stand firm thanks to record chip sales

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S.Korea’s exports stand firm thanks to record chip sales - Korea Economic Daily

Quick Summary:

Exports from Asia’s No.4 economy added 7.5% from the same month last year to $58.77 billion in September, expanding for a 12th consecutive month after an 11.4% gain in August, according to preliminary data released by Korea’s Ministry of Trade, Industry and Energy on Tuesday.

ROSY OUTLOOK FOR H2 EXPORTSThe latest figures are expected to ease concerns about the Korean economy and the country’s chip market, said the trade ministry.“Signs are clear that the country’s exports will extend the growth streak in the second half from the first half of this year,” Ahn Duk-geun, Korean Minister of Trade, Industry and Energy, said on Tuesday after the trade data was released.

South Korea’s exports extended the growth streak for the 12th month in a row in September mainly driven by record-high semiconductor shipments, brisk sales of ships and a recovery in car demand, brightening the country's export outlook for the rest of this year.