Exports of rolled metal products of South Korea in September grew by 7.7% y /y

South Korea's exports rose 7.7 percent year-on-year in September for the first time in seven months. They rose 3.6% in February but fell for six months in a row due to COVID-19. Whether the recovery in Korean exports will continue in the fourth quarter remains unclear as uncertainties persist such as renewed COVID-19 cases and deepening trade disputes between the US and China.

As of October 1, Korea's exports totaled $ 48.05 billion in September, according to data released by the Ministry of Trade, Industry and Energy. Imports rose 1.1% to $ 39.17 billion over the same period. The trade surplus reached USD 8.88 billion, the highest in two years.


This was the first increase in Korean exports since the start of the COVID-19 pandemic. Exports fell 1.7 percent in March, 25.6 percent in April, 23.8 percent in May, 10.9 percent in June, 7.1 percent in July and 10.2 percent in August.

Export growth of 7.7 percent in September was the highest in 23 months since October 2018 (22.5 percent). Total exports ($ 48.05 billion) and average daily exports ($ 2.09 billion) in September were the highest in 2020.

However, the average daily export growth rate was down 4.0 percentage points from the prior year due to the 2019 baseline effect (averaging $ 2.18 billion per day, the highest in 2019).

Semiconductors (11.8 percent), general equipment (0.8 percent), and automobiles (23.2 percent) ranked first, second and third among Korea's exports (35 percent in 2019). All of them recorded growth in 23 months. Semiconductor exports (US $ 9.54 billion) exceeded US $ 9 billion for the first time in 2020. Compared to 2019, they grew 11.8 percent year on year. Cars, which fell more than 50 percent in May, rose 23.2 percent ($ 37.95 billion) in September and climbed positive for the first time in six months. It was the first double-digit growth in 2020. Home appliances (30.2 percent) and batteries (21.1 percent) showed the highest growth in 2020. Steel (1.8 percent) recovered in nine months.

However, exports of five items such as ships, displays and wireless devices fell. Exports in the petrochemical and petroleum product sectors fell by 5.3 percent and 44.2 percent, respectively, due to continued low oil prices.