Exports in September reached $65.95 billion, hitting the highest level in 3 years and 6 months. However, this year the Chuseok holiday falls in October, giving four more working days than in September last year. Taking this into account, on a daily average basis, September exports fell 6.1% year over year.
Also, among Korea's nine major export destinations, exports to the United States alone decreased 1.4% year over year to $10.27 billion. Following Aug., the impact of U.S. tariff policy appears to be intensifying.
◇ Government: "Strong results even considering working days… Up year over year on a Jan.–Sep. basis"
According to the Export and Import Trends for September 2025, released by the Ministry of Trade, Industry and Energy on the 1st, last month's exports rose 12.7% year over year to $65.95 billion. Imports fell 8.2% to $56.4 billion. The trade balance, exports minus imports, posted a surplus of $9.56 billion.
This was due to the fact that the number of working days in September this year was four more than a year earlier. On a daily average basis, September exports were $2.75 billion, down 6.1% from a year earlier.
However, Park Jeong-seong, Director General for Trade and Investment at the ministry, said, "On a Jan.–Sep. basis, this year's daily average export value is $2.75 billion, up $200 million from last year," adding, "While September's strong exports partly reflect more working days, they also benefited from robust increases in leading export sectors on favorable market conditions."
In September, exports increased in 10 of the 15 key export items, including semiconductors, automobiles, and ships. In particular, semiconductor exports rose 22.0% year over year to $16.61 billion, renewing an all-time high following August. Demand was strong for high value-added memory such as HBM and DDR5, centered on artificial intelligence (AI) servers, and fixed memory prices continued to show a favorable trend.
Automobile exports recorded $6.4 billion, the highest ever for September. That was up 16.8% from a year earlier. A ministry official said, "Automobiles are extending their overall uptrend for a fourth straight month as exports to regions outside the United States, such as the European Union (EU) and the Commonwealth of Independent States (CIS), remain strong along with the increase in working days."
While exports to the United States ($1.91 billion, -2.3%) declined due to the 25% U.S. tariff impact, companies found openings in alternative markets such as Europe, softening the blow. Exports of automobiles to the EU reached $700 million, up 54% from last year. Exports to the CIS also surged 77.5% to $610 million.
Ship exports rose 21.9% to $2.89 billion, increasing for seven consecutive months. In addition, general machinery ($4.2 billion, +10.3%), petroleum products ($4.15 billion, +3.7%), biohealth ($1.68 billion, +35.8%), displays ($1.75 billion, +0.9%), textiles ($870 million, +7.1%), and home appliances ($690 million, +12.3%) were also in positive territory.
By contrast, petrochemicals ($3.71 billion, -2.8%) and steel ($2.63 billion, -4.2%) saw exports decline. Despite increased export volumes, export prices fell due to factors such as weak oil prices and global oversupply.
◇ Exports to the U.S., tariff impact in full swing… "Could become the No. 3 export market"
By region, among the nine major regions, only the United States saw a decline in exports. Exports to the United States fell 1.4% to $10.27 billion. Given that the number of working days increased from a year earlier yet the figure was negative, the decline is likely larger on a daily average basis.
Deputy Minister Park said, "So far, regional export volumes have been largest in the order of China, the United States, and ASEAN, but as exports to ASEAN increase, the order could change," adding, "Considering the working-day variable, exports to the United States likely decreased by a larger margin on a daily average basis."
Exports to China rose 0.5% to $11.68 billion, breaking a four-month streak of declines and turning positive. Exports to ASEAN increased for the fourth straight month, logging a record September performance of $11.06 billion (+17.8%) as key items such as semiconductors, general machinery, and ships rose.
Exports to the EU also hit an all-time high of $7.16 billion (+19.3%) on the back of strength in the three key export items of automobiles, ships, and general machinery. In addition, exports increased to Latin America ($3.03 billion, +34.0%), Japan ($2.56 billion, +3.2%), the Middle East ($1.87 billion, +17.5%), India ($1.73 billion, +17.5%), and the CIS ($1.52 billion, +54.3%).