Korea: September 20-day exports reaffirm 3Q export momentum

In the first 20 days of September, Korea's customs exports rose 78.3% oya, with working day-adjusted growth at 89.8%. For the full month, we estimate nominal exports will have grown by 70% oya in September. Seasonally adjusted by J.P. Morgan, 20-day exports increased 5.9% m/m, moderating from the first 10 days' 8% gain, but still pointing to 3Q-end strength, likely reflecting some front-loaded export flows ahead of Korea's Lunar Full Moon holiday later this week. Overall, the readings confirm robust export momentum, supported by the ongoing tech-led improvement in terms-of-trade and a non-tech volume recovery. Within the high-frequency details, 20-day export gains were concentrated in the US and Europe among major destinations, while exports to China signaled a partial payback after a ten-full-month streak. By key sectors, semiconductor exports continued to lead tech exports ascent, while non-tech exports increased by more than one-fifth as of mid-September, driven by vessels and vehic