Demand for AI chips fuels 83.5% surge in South Korean exports

South Korea’s exports soared 83.5% in September to a record monthly high, official data showed Thursday, propelled by surging global demand for chips fuelled by a boom in artificial intelligence.

The country is home to tech giant Samsung Electronics, one of the world’s leading memory-chip makers, as well as SK hynix – both key suppliers to the booming global AI industry.

Overseas shipments reached a record US$120.94 billion in September, nearly double the US$65.95 billion recorded a year earlier, the data showed.

Chip exports hit a record US$60.3 billion, a surge of more than 262% on-year, as growing memory demand boosted shipments and prices continued to climb.

The presidential office said in July that Samsung and SK hynix would supply US tech companies, including Nvidia, in agreements worth US$950 billion.

Computer exports rocketed 435.3% to US$7 billion thanks to the spread of agentic AI and sustained demand for AI infrastructure, the trade ministry said.

The new record demonstrated the “strength of our industries and companies”, trade minister Kim Jung-kwan said in a statement.

Kim said annual exports were now expected to reach US$1 trillion, but warned that rising global protectionism and tensions in the Middle East remained major risks.

The government would respond “preemptively” to external shocks to sustain export momentum through the fourth quarter, he added.