South Korea: Chip-Driven Acceleration in Early September Exports, with a Record High Trade Surplus of US$23bn

Korea's per-workday exports in the first 20 days of September accelerated further from the prior month, partly supported by front-loading ahead of the lunar Mid-autumn Festival holidays in late September; total exports for the 20-day period also rose. Chip exports increased strongly and accounted for roughly 60% of the headline sequential increase, while other tech exports continued to fall at a more moderate pace than last month. Exports of handsets and household appliances increased, offset by a decline in computer exports. Among non-tech exports, auto and auto parts exports rebounded sharply after two months of contraction, and volatile ship exports also rebounded. By destination, exports to the US rose most sharply, followed by Taiwan and the EU, while exports to mainland China grew relatively modestly. Total 20-day imports also accelerated, with broad-based gains across major categories including energy-related goods, semiconductors and machinery. The trade surplus (not seasonally