Pulled by automobile and semiconductor sectors, strong exports expected to continue through year-end

[Anchor]

In October, our exports received the best performance ever.

The strong performance was led by key items such as semiconductors and automobiles.

This momentum is expected to continue until the end of the year.

The variable is the upcoming U.S. presidential election.

Kim Ji-sook reports.

[Report]

Last month, our exports reached 57.52 billion dollars, the highest performance ever recorded for October.

This marks the 13th consecutive month of increase, driven by semiconductors and automobiles.

Semiconductors, which have seen an increase for 12 consecutive months, have surpassed their peak performance from October 2018.

[Kim Dae-ja/Director of Trade and Investment at the Ministry of Trade, Industry and Energy: "Our companies are increasing export volumes focusing on high-value products such as HBM (High Bandwidth Memory) and DDR5, which is contributing to the increase in exports."]

The automotive sector, which returned to an upward trend in September, also continued its strong performance.

Although electric vehicles are struggling due to weakened demand, hybrid vehicles are being sold more, bringing the sector close to achieving its best performance ever this year.

By region, exports to China, benefiting from semiconductors, recorded their highest level in over two years, and exports to the U.S. have set new monthly records for 15 consecutive months.

This export boom is expected to continue until the end of the year.

[Cho Sang-hyun/Director of Institute for International Trade at the Korea International Trade Association: "The full effects of the U.S. interest rate cuts are expected to be felt after the end of the year, so this export boom is likely to continue at least until the end of the year and possibly into early next year."]

However, the results of the U.S. presidential election next week are the biggest variable for this positive trend.

Depending on policies related to environmental issues, subsidies, and tariffs, there is a possibility that major industry strategies may need to be significantly revised.

Despite the strong export performance, the cumulative exports this year have not met the government's initial target, reflecting the impact of such domestic and external uncertainties.

This is KBS News, Kim Ji-sook.