South Korea's September Exports Hit Record High Driven by AI Semiconductor Surge

Driven by intense global AI investment, South Korea's working-day adjusted exports jumped 104.9% year-over-year in September, reaching a record $120.9 billion. Semiconductor exports specifically surged 263% to $60.3 billion, propelled by rising demand and higher prices for memory components. The export surge highlights how heavily global AI infrastructure expansion is driving macroeconomic growth for major hardware-exporting nations. This trade momentum also gives South Korea's central bank the flexibility to maintain higher interest rates to manage persistent core inflation. South Korea's total exports for the first nine months reached $814.5 billion, surpassing the $800 billion mark for the first time. Shipments to the U.S. and China rose 137% and 123% respectively, though analysts expect growth rates to cool down in the fourth quarter due to high base effects.