South Korea factory growth hits 4-month high as export orders boom, PMI shows
- On Thursday, South Korea reported record-breaking September exports of $120.9 billion, surging 83.5 percent from a year earlier as factory activity reached its strongest pace in four months.
- Semiconductor exports rose 263 percent to $60.3 billion, while shipments to China increased 123 percent to $26 billion, driven by robust demand for memory chips and wireless communications equipment.
- While automobile exports fell 5.5 percent to $6.05 billion hurt by the Chuseok holiday, petroleum products jumped 72 percent to $7.22 billion and cosmetics shipments rose 31.4 percent to $1.51 billion.
- The S&P Global purchasing managers index climbed to 53.9 in September, remaining above the 50-point expansion threshold for a 10th consecutive month as manufacturers' optimism reached an eight-month high.
- Imports climbed 26 percent to $71.09 billion, securing an unprecedented monthly trade surplus of $49.85 billion as new export orders increased at the fastest pace since February 2021.
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The Straits Times
Free Malaysia Today NewsDemand for AI chips fuels 83.5% surge in South Korean exports
South Korea is home to key players in the booming global AI industry, including memory-chip giant Samsung Electronics. Read more at straitstimes.com.
South Korea benefits from the global AI boom like hardly any other country. Chips now account for half of the country's exports – and drive the trade surplus to a record high.
South Korean exports last month amounted to EUR 107 billion, an increase of 83.5% over one year.
Channel News Asia
WTVBSouth Korea factory growth hits 4-month high as export orders boom, PMI shows
SEOUL, Oct 1 : South Korea's factory activity grew in September at the strongest pace in four months, as export demand hit the fastest pace in 15-1/2 years led by the chip and auto sectors, a survey showed on Thursday. • The purchasing managers index (PMI), published by S&P Global, stood at 53.9 in Septembe
September exports surpassed $120 billion for the first time in history. The trade surplus also approached $50 billion. Cumulative exports through September reached $814.5 billion, and if this trend continues, annual exports are expected to break the $1 trillion mark by mid-November. This would be the fourth such record in the world, following Germany, the United States, and China. [Industry and Trade]
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