South Korea’s exports picked up steam in the first 20 days of September, climbing 13.5% from last year to $40.12 billion. But the daily average took a hit, dropping more than 10% due to the ongoing impact of new U.S. tariffs, according to fresh data from the Korea Customs Service.
Imports also rose, up 9.9% year-on-year to $38.22 billion. That left South Korea with a healthy trade surplus of $1.9 billion for the period.
The daily export average fell 10.6% to $2.43 billion. Why? This year’s stretch from September 1 to 20 included 16.5 working days, compared to just 13 last year, which skewed the numbers.
Diving into the details, semiconductors led the charge with a 27% surge to $9.49 billion. They now make up 23.7% of total exports, a bump from last year’s share. Automobiles followed suit, jumping 14.9% to $3.42 billion, while vessel shipments soared 46.1% to $1.51 billion.
Steel exports grew 7.1% to $2.53 billion, but chemicals dipped 4.5% to $2.68 billion.
Looking at key markets, exports to China—South Korea’s biggest trading partner—edged up 1.6% to $7.77 billion. Shipments to the U.S. increased 6.1% overall to $6.55 billion, though the daily average plunged 16.4% amid aggressive tariff moves from the Trump administration.
Back in July, Seoul and Washington struck a deal to ease tensions. The U.S. agreed to cut “reciprocal” tariffs on Korean goods to 15% from the threatened 25%. In exchange, South Korea pledged $350 billion in U.S. investments, plus other commitments. Negotiations continue to iron out the fine print.
Exports remain a powerhouse for South Korea’s economy. In August, they rose 1.3% year-on-year to $58.4 billion, fueled by booming semiconductor demand.
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