S. Korea's exports hit record high in Q3 on semiconductors, automobiles: Ministry

Seoul, Oct 20 (IANS) South Korea's exports reached a new quarterly high of $185 billion in the July-September period, led by robust demand for semiconductors and automobiles, the industry ministry said on Monday, vowing efforts to maintain the export momentum amid trade uncertainties.

In the first nine months of this year, the country exported $519.7 billion worth of goods, up 2.2 per cent from a year earlier, according to the Ministry of Trade, Industry and Resources, reports Yonhap news agency.

The ministry said exports have posted an on-year increase for the fourth consecutive month since June thanks to the strong performance of semiconductors, automobiles, biohealth products and ships.

In particular, semiconductor exports hit $119.7 billion in the January-September period, with auto exports reaching $54.1 billion, both the highest marks for the period.

Shipments of cosmetics and agro-fisheries also reached record highs for the period, at $8.5 billion and $9.3 billion, respectively, on the back of the soaring global popularity of Korean culture.

On the other hand, exports of petroleum and petrochemical products went down due to a drop in global oil prices, while shipments of steel and machinery declined amid 50 per cent US tariffs on imports of steel and related derivatives.

"Despite challenging trade conditions, such as US tariff measures and the spread of protectionism, Korea's exports increased thanks to companies' efforts to diversify export markets and strengthen product competitiveness," First Vice Industry Minister Moon Shin-hak said.

"The government is holding talks with the US to conclude tariff negotiations under the principle that national interests come first, and will work to continue communications with private industries to maintain the export momentum in the fourth quarter and boost the industrial competitiveness (of the country)," he added.

Meanwhile, auto exports also increased 16.8 per cent from a year earlier in September, driven by robust demand for eco-friendly cars in Europe and Asia.

Earlier in the day, Yonhap reported that the value of outbound shipments of automobiles came to $6.41 billion last month, the highest figure for any September, according to the data from the Ministry of Trade, Industry and Resources.

--IANS

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