Korea’s Exports Rise for 12th Month on Semiconductor Boost

South Korea's smartphone exports rose for the seventh consecutive month, increasing by 19% to $1.91 billion in September 2024, spurred by the release of new models. Computer exports more than doubled to $1.5 billion, driven by demand from the US and Europe amid growth in the AI sector. However, petroleum product exports dropped 17.8% to $4 billion, reflecting lower global crude prices, while steel exports fell 3.9% to $2.7 billion due to intense global competition. Exports to China, South Korea's largest trading partner, grew 6.3% to $11.7 billion, bolstered by strong sales of chips and display products. Shipments to the US rose 3.4% to a record $10.4 billion for September, thanks to robust sales of chips and computers. Exports to the European Union (EU) increased by 5.1% to $6 billion, driven by demand for biohealth and mobile devices. Industry Minister Ahn Duk-geun highlighted government efforts to mitigate export risks, considering geopolitical tensions in the Middle East and strikes at US ports. In response to potential disruptions, a special monitoring team will be established. In 2023, overall exports had decreased by 7.4% due to weak chip performance and global economic uncertainties. Source: Oman News Agency