South Korea’s Export Momentum Picks Up, Boosting Growth Outlook

South Korea’s Export Momentum Picks Up, Boosting Growth Outlook

South Korea’s export growth returned to a double-digit clip last month, an outcome that bodes well for the economic outlook and reflects the resilience of global demand for technology products.

Shipments that reflect working-day differences increased 13.7% from a year earlier, according to data released  by the customs office. Without the adjustment, headline exports rose 11.4% while overall imports increased by 6%. The trade surplus came to $3.8 billion.

Exports are the leading engine of South Korea’s economic growth, with semiconductors, automobiles and refined oil products among key products that drive the overall performance. Authorities expect the nation’s economic growth to accelerate to the mid-2% range this year thanks in part to a resurgence in global trade. 

In particular, a global frenzy for artificial intelligence development has been a boon for South Korean chipmakers including Samsung Electronics Co. and SK Hynix Inc.

Semiconductor exports rose 38.8% from a year earlier in August, according to data. South Korea accounts for the largest share of global memory-chip sales.

“A cyclical upswing in global semiconductor demand will help offset domestic sluggishness in Korea’s economy into next year,” Madhavi Bokil, senior vice president of strategy and research at Moody’s Ratings, said in a note before the data release. “We expect external demand for AI-related chips as well as US and EU-driven investment in new sectors such as EVs and renewable energy to offset domestic weakness and support a rebound in growth to 2.5% in 2024 and 2.3% in 2025.” 

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