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

Economics Research 21 September 2026 | 11:36AM KST

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

Bottom line: Irene Choi | Goldman Sachs (Asia) L.L.C., Seoul Korea’s per-workday exports in the first 20 days of September accelerated to 7.4% Branch

mom sa, gaining further from 4.1% in the prior month, partially supported by Goohoon Kwon, CFA | front-loading ahead of the lunar Mid-autumn Festival holidays in late September. Goldman Sachs (Asia) L.L.C. 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.

September 20 days’ exports, adjusted for workday differences: +7.4% mom sa vs. previous: +4.1% mom sa

September 20 days’ imports, adjusted for workday differences: +2.9% mom sa vs. previous: -2.4% mom sa

September 20 days’ trade balance: +US$23.0bn vs. previous: +US$14.0bn

1. 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 (Exhibit 1). Total exports during the 20 days rose by 14.9% mom sa, up from 7.2% in the prior month.

2. Chip exports increased by 16.0% mom sa and accounted for roughly 60% of the headline sequential increase, while other tech exports continued to fall by 1.0%, albeit at a more moderate pace than last month. Exports of handsets and household appliances increased, but these gains were offset by a decline in computer exports. Among non-tech exports, auto and auto parts exports rebounded sharply by 60.8% mom sa after two months of contraction, accounting for roughly a quarter of the headline sequential increase. Volatile ship exports also rebounded sharply.

3. By destination, exports to the US rose most sharply, by 48.1% mom sa, gaining pace from 13.6% in the previous month and accounting for slightly more than half of the headline sequential increase. Exports to Taiwan and the EU also increased sharply, by 43.6% and 34.7%, respectively, and together accounted for around 30%

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of the headline sequential gain. Exports to mainland China grew relatively modestly by 1.2%.

4. Total 20-day imports also accelerated to 10.5% mom sa, up from 1.7% in the prior month. Imports increased broadly across major product categories, including energy-related goods, semiconductors, and machinery. The trade surplus (not seasonally adjusted) widened to a historic high of US$23.0bn from US$14.0bn in the prior month.

Exhibit 1: Sharp acceleration in workday-adjusted exports in early September

US$bn, Per-day US$bn, Per-month 5.0 120

Per-day exports for the first 20 days vs. Full-month exports 110 4.5

50 2.0 Per-day exports in first 20 days (SA) 40

1.5 Full month exports (SA; right scale) 30

Source: Haver Analytics, Goldman Sachs Global Investment Research