KOREAN NET

Exports in the third quarter broke an all-time high largely because of strong semiconductor demand. Shown are stacked containers at Pier 3 of Busan New Port. (Busan Port Authority)

By Kim Seon Ah

Exports in the third quarter broke a record thanks to a strong performance by semiconductors.

Preliminary trade data for the quarter released on Nov. 10 by the Ministry of Data and Statistics said such shipments in the quarter hit USD 185 billion, up 6.5% from the same period last year and the highest since the statistic was introduced in 2010.

This was also the second consecutive quarter of growth following 2.1% in the second quarter.

The number of exporting companies reached 69,808, rising 4.5% year on year. By item, shipments of capital goods increased 11.2% to USD 111 billion, another record, and consumer goods grew 4.9% to USD 23.9 billion, breaking four straight quarters of decline. Raw material exports, however, dipped 1.9% to USD 50 billion.

By corporate size, large companies saw exports reach USD 122.3 billion, a 5.1% increase and the highest since the statistic was launched in 2015. Those from mid-size companies rose 7% to USD 32.3 billion and those from small and medium enterprises (SMEs) grew 11.9% to USD 29.8 billion, with both figures being record highs for the third quarter.

Exports from large and medium companies grew for the second straight quarter and those from SMEs marked their seventh straight.

The export share of the top 10 companies rose 2.6 percentage points year on year to 40%. In contrast, that of the top 100 companies inched down 0.2 points to 67.6%.

Imports totaled USD 162.4 billion, up 1.5% from the third quarter last year.

sofiakim218@korea.kr