The ongoing investment boom in artificial intelligence infrastructure continues to heat up, and South Korea's export data has delivered a historic report card.

According to preliminary data released by South Korea's Ministry of Trade, Industry and Energy on October 1, the country's exports in September surged 83.5% year-on-year to $120.94 billion, breaking through the $120 billion monthly threshold for the first time. The growth rate accelerated further from 68.7% in August and significantly exceeded the median forecast of 65.4% from a survey of 13 economists conducted by The Wall Street Journal. Meanwhile, the September trade surplus reached $49.85 billion, setting a new all-time record.

Semiconductors were the core engine behind this export explosion. September semiconductor exports surged 262.8% year-on-year to $60.3 billion, surpassing the $46.7 billion record set in August and accounting for approximately 49.9% of total monthly exports. South Korea's trade data has long been regarded as a bellwether for global AI demand, and these figures indicate there is no sign yet of demand for chips fading.

Overall Exports: Monthly Figure Tops $120 Billion for First Time, Nine-Month Total Already Exceeds All of Last Year

The highlight of September's export data lies not only in the monthly scale but also in its strategic significance for the full-year target.

From January to September this year, South Korea's cumulative exports reached $814.5 billion, already surpassing last year's full-year record of $709.3 billion, with a year-on-year increase of 56.8%. This achievement makes it possible for South Korea to reach the goal of exceeding $1 trillion in annual exports for the first time. According to estimates, to accomplish this milestone, average monthly exports from October to December would need to reach approximately $61.8 billion.

On the import side, September imports grew 26.0% year-on-year to $71.09 billion, resulting in a monthly trade surplus of $49.85 billion, surpassing the previous record of $35.91 billion set in June this year. The cumulative trade surplus for the first nine months has reached $252.5 billion.

It is worth noting that September coincided with South Korea's Chuseok holiday, meaning the actual number of working days was fewer than in the same period of previous years. Nevertheless, the daily average export value still rose 105% year-on-year to $5.63 billion, marking the first time in history that it surpassed $5 billion per day. Excluding semiconductors, other categories collectively recorded approximately 23% growth.

Semiconductors: Export Value Nearly Triples Year-on-Year, AI Demand Drives Both Volume and Price Increases

The explosive growth in semiconductor exports reflects the continued escalation of global AI infrastructure investment.

September semiconductor export value reached $60.3 billion, a year-on-year surge of 262.8%, setting another monthly all-time high. The growth momentum came from simultaneous increases in both volume and price driven by rising demand for memory chips — the fixed transaction price of DDR5 16Gb products, mainly used in PCs, rose from $37.5 in May to $48 in September.

Computer exports, which are highly correlated with semiconductors, also performed remarkably. Driven by expanding AI infrastructure demand, September computer exports surged 435.3% year-on-year to $7 billion. Wireless communication device exports grew 23.4% to $2.14 billion, benefiting from strong sales of high-end smartphones and iPhone components.

South Korea is home to Samsung Electronics and SK Hynix, the two major memory chip giants, and its trade data has historically been viewed by the market as an important leading indicator for measuring global AI demand. These figures show that demand for AI chips continues to climb.

By Category: Ships and Cosmetics Shine, Automobiles and Machinery Under Pressure

Among the 20 major export categories, 11 recorded growth in September, with clearly divergent performance across sectors.

On the growth side, ship exports rose 29.9% year-on-year to $3.76 billion due to increased deliveries of liquefied natural gas (LNG) carriers; cosmetics exports reached $1.51 billion, a historic high, maintaining steady growth in major markets including China, the United States, ASEAN, and the European Union; secondary batteries grew 14%, driven by the expansion of the energy storage system (ESS) market and rising unit prices. Petroleum product exports surged 72% year-on-year to $7.22 billion due to higher international oil prices, though export volume declined 6.9%.

On the downside, automobile exports fell 5.5% year-on-year to $6.05 billion, affected by fewer working days and weak used-car exports, although daily average automobile export value still grew 5.5%. Exports of general machinery, displays, and bio-health products all declined. Petrochemical product export value rose slightly by 5.1%, but export volume dropped 19.1%.

By Region: Exports to China and the US Both Surge Sharply

In terms of export destinations, China and the United States were the two major markets driving growth.

September exports to China grew 122.7% year-on-year to $26.01 billion, while exports to the United States surged 137% year-on-year to $24.33 billion. Exports to ASEAN rose 92.6% to $21.29 billion, breaking through the $20 billion monthly threshold for the first time.

The Middle East was the main drag, with exports to the region falling 14.1% year-on-year due to shipping disruptions in the Strait of Hormuz. Despite the strong export data, South Korean officials remain vigilant about external risks. South Korea's Minister of Trade, Industry and Energy Kim Jung-kwan stated, "Strengthened global protectionism and Middle East tensions remain major variables affecting exports. We will actively respond to unexpected external factors to ensure that the export growth momentum continues in the fourth quarter."

Geopolitical tensions in the Middle East have already weighed on petrochemical export volumes and pushed up shipping costs. At the same time, the uncertainty brought by rising global trade protectionism will also be a key test for whether South Korea can smoothly pursue its annual trillion-dollar export target.