Seoul: South Korea's exports achieved a new quarterly high of US$185 billion in the July-September period, driven by strong demand for semiconductors and automobiles, the industry ministry announced. The ministry has pledged to sustain this export momentum despite uncertainties in global trade.
According to Yonhap News Agency, in the first nine months of the year, South Korea exported $519.7 billion worth of goods, marking a 2.2 percent increase compared to the same period last year. The Ministry of Trade, Industry and Resources noted that exports have shown year-on-year growth for the fourth consecutive month since June, thanks to the robust performance of semiconductors, automobiles, biohealth products, and ships.
During the January-September period, semiconductor exports reached $119.7 billion, while auto exports amounted to $54.1 billion, both setting records for the period. Additionally, shipments of cosmetics and agro-fisheries hit record highs of $8.5 billion and $9.3 billion, respectively, fueled by the growing global popularity of Korean culture.
Conversely, exports of petroleum and petrochemical products declined due to falling global oil prices, and shipments of steel and machinery decreased amid 50 percent U.S. tariffs on imports of steel and related derivatives.
First Vice Industry Minister Moon Shin-hak highlighted that despite challenging trade conditions, such as U.S. tariff measures and the rise of protectionism, Korea's exports increased due to companies' efforts to diversify export markets and enhance product competitiveness. He added that the government is engaged in talks with the U.S. to conclude tariff negotiations, prioritizing national interests, and will continue communications with private industries to maintain export momentum in the fourth quarter and enhance the country's industrial competitiveness.