According to the trade ministry, Korea's exports reached an all-time high in September… with outbound shipments totaling 55.one-billion U.S. dollars.
That's the biggest amount since export figures were first compiled in 1956, easily surpassing the previous record of 51.six billion set in October 2014.
Exports have been rising for ten straight months thanks to an uptick in oil prices and a recovery in global trade, but September got a huge boost from Korea's main export items like semiconductors and displays.
Exports of semiconductors surged almost 70 percent on-year to nearly 9.7 billion U.S. dollars, a new record, amid steady price hikes and the release of new smartphones such as Samsung's Galaxy Note 8 and Apple's new iPhones.
The ministry said another factor was companies getting customs clearance early ahead of the long Chuseok holiday.
By region, exports increased both in developed economies such as the U.S., the European Union and Japan, and in emerging markets including China, ASEAN, and India.
The trade ministry said that positive trend should continue for the time being as the U.S., EU and China continue their economic recovery, and the IT industry continues to see strong demand.
However, trade minister Paik Un-gyu said growth could slow down a bit in the fourth quarter due to protectionism, currency fluctuations, and fewer business days. Won Jung-hwan, Arirang News.