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

Bottom line: Korea's per-workday exports in the first 20 days of September accelerated to 7.4% mom sa, gaining further from 4.1% in the prior month, partially supported by front-loading ahead of the lunar Mid-autumn Festival holidays in late September. Total exports during this 20-day period rose by 14.9% mom sa, up from 7.2% in the prior month. Chip exports increased by 16.0% and accounted for roughly 60% of the headline sequential increase, while auto and auto parts exports rebounded sharply by 60.8% after two months of contraction. By destination, exports to the US, Taiwan, and the EU gained the most. Total 20-day imports also accelerated to 10.5% mom sa, and the trade surplus (not seasonally adjusted) widened to a historic high of US$23.0bn from US$14.0bn in the prior month. Key numbers: September 20 days' exports, adjusted for workday differences: +7.4% mom sa vs. previous +4.1% mom sa;