South Korea exports $71.4 billion in Sept 1–20 — up 78% with one fewer working day
South Korea's exports for September 1–20, 2026 reached 71.4 billion dollars, up 78.3 percent from a year earlier and a record for that period, the Korea Customs Service said on September 21. There were 15.5 working days, one fewer than last year, so exports per working day rose 89.8 percent. Semiconductors alone were 34.13 billion dollars, up 259.4 percent and 47.8 percent of all exports, the first time chips topped 30 billion dollars in a 20-day tally. Most of the jump came from memory prices running above forecasts and AI server demand in China and the United States. The trade surplus for the period was 22.97 billion dollars
The three lines
- Total — 71.4 billion dollars (+78.3%), a record; 15.5 working days, one fewer, so daily average +89.8%; the previous 20-day record was 61.7 billion in June 2026
- Chips — 34.13 billion dollars (+259.4%), 47.8% of exports (+24.1 points); first time above 30 billion in a 20-day count
- Why — memory prices above forecasts (Hana Securities); shipments to China (+113.8%) and the US (+118.0%) more than doubled; chip imports also +88.8%
Key questions
- How much did South Korea export in September 1–20, 2026
- **71.4 billion dollars, up 78.3% and a record for the period.** | Item | Sept 1–20, 2026 | Change | |---|---|---| | Exports | **71.4 billion dollars** | +78.3% | | Exports per working day | — | **+89.8%** | | Working days | 15.5 | one fewer | | Imports | 48.44 billion dollars | +26.7% | | Trade balance | **+22.97 billion dollars** | surplus | | Year-to-date balance | +225.59 billion dollars | about 5x last year's 42.16 billion | The previous 20-day record was 61.7 billion dollars in June this year (Korea Customs Service, Seoul Shinmun).
- Why did Korea's chip exports rise 259 percent
- **More chips shipped and each was worth more, especially the latter.** | Factor | What is confirmed | |---|---| | Memory prices | Hana Securities: Q3 DRAM and NAND prices likely **slightly above earlier forecasts** | | Destinations | China **+113.8%**, US **+118.0%**, the two biggest AI server markets | | Items | computer peripherals, including server storage, **+187.6%** | | Imports | chip imports **+88.8%**, chipmaking equipment **+55.6%**: capacity is expanding | | Base | exports in the same period of 2025 were about 40 billion dollars | **Export value is volume times price.** Some memory products have multiplied in price over a year, so the same volume brings in far more money. A low base from last year also inflates the growth rate. The customs data do not split price from volume.
- Why don't record exports feel like a boom
- **Half of exports are one product, and prices and rates are moving the other way.** | Measure | Figure | Direction | |---|---|---| | Chip share of exports | 47.8% | concentration | | Wireless devices exports | −0.4% | flat | | Energy imports | +27.9% | oil burden | | Consumer inflation (August) | 3.1% | rising | | Bank of Korea base rate | 3.00% (hiked August 27) | tightening | **Export earnings reach chipmakers and their supply chains first; households feel energy bills and loan rates.** Commerzbank said the export data support the Bank of Korea's hawkish stance.
South Korea worked one fewer day and exported 78% more. Exports for September 1–20, 2026 came to 71.4 billion dollars, the Korea Customs Service said on September 21, a record for the period. Most of the increase came from a single product: semiconductors.
1. The numbers
| Item | Sept 1–20, 2026 | vs. a year earlier |
|---|---|---|
| Exports | 71.4 billion dollars | +78.3% |
| Working days | 15.5 | −1 day |
| Exports per working day | — | +89.8% |
| Imports | 48.44 billion dollars | +26.7% |
| Trade balance | +22.97 billion dollars | — |
| Year-to-date balance | +225.59 billion dollars | about 5x |
The previous 20-day record was 61.7 billion dollars in June this year; this beat it by 9.7 billion. August's full-month exports were 98.25 billion dollars, so September reached about 73% of that in 20 days.
2. One product is half — by item and by country
| Item | Value / change |
|---|---|
| Semiconductors | 34.13 billion dollars, +259.4% (47.8% share) |
| Computer peripherals | +187.6% |
| Ships | +63.0% |
| Petroleum products | 4.0 billion dollars, +47.8% |
| Passenger cars | 3.73 billion dollars, +9.3% |
| Wireless devices | −0.4% |
| Country | Change |
|---|---|
| China | +113.8% |
| United States | +118.0% |
| Vietnam | +44.8% |
| Top three share | 51.4% |
This is the first time chips have passed 30 billion dollars in a 20-day tally. Their share of exports rose 24.1 percentage points from a year earlier. Chips and computer peripherals, which include server storage, jumped together, and the destinations were China and the US, the two largest AI data center markets.
3. Why so much — three reasons
1. Price. Export value is volume times price. Memory prices have multiplied for some products over the past year, and on September 21 Hana Securities said Q3 DRAM and NAND prices are likely to slightly exceed earlier forecasts. Selling the same number of chips brings in much more money.
2. AI server demand. High-bandwidth memory and server DRAM are locked into annual contracts, and US rival Micron says its HBM is sold out through 2027. Korea's two memory makers face the same demand. Micron's results on September 30 will be the next data point.
3. A low base. Exports in the same period of 2025 were about 40 billion dollars. A low starting point inflates the growth rate.
| Cause | How well confirmed |
|---|---|
| Higher memory prices | securities forecasts and industry reports |
| AI server demand | shipments to China and the US doubled |
| Base effect | last year's figures |
| Price vs. volume split | not published by customs |
4. Imports were chip-driven too
Imports rose 26.7%: chips +88.8%, chipmaking equipment +55.6%, energy +27.9%. Rising chip and equipment imports together mean factories are expanding. The energy jump largely reflects higher oil prices with the Strait of Hormuz mostly closed.
Export strength does not reach households directly. Consumer inflation was 3.1% in August, and the Bank of Korea raised its base rate to 3.00% on August 27. Commerzbank said the export data support the central bank's hawkish bias; the next rate decision is on October 22.
5. What remains unconfirmed
- The price and volume split behind chip growth was not published.
- Full-month September exports come out on October 1; the September 24–26 Chuseok holiday will reduce late-month working days.
- China growth is reported as 113.8% or "more than 100%" depending on the outlet.
Sources
- Seoul Shinmun — Chip exports top 30 billion dollars for the first time; mid-September exports a record 71.4 billion
- The Korea Times — Exports up 78% in first 20 days of Sept. on robust chip shipments
- Dailian — September 1–20 exports a record 71.4 billion dollars; chips 47.8%
- Financial News — Memory prices seen beating forecasts (Hana Securities)
- FXStreet — South Korean Won: Export surge supports BoK stance (Commerzbank)