Report published October 1, 2026

Goldman Sachs: South Korea: Broad Acceleration in September Exports

Goldman Sachs · October 1, 2026

South Korea's headline exports rose 18.1% mom sa (+83.5% yoy) in September 2026, marking the fastest sequential growth pace since 1985 and well exceeding consensus expectations. The surge was driven by semiconductors, a sharp rebound in autos, and strong demand from the US, widening the trade surplus to a record US$49.9bn.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.South Korea's headline exports surged by 18.1% mom sa (+83.5% yoy) in September 2026, marking the strongest momentum since 1985 and significantly surpassing consensus and GS forecasts.
2.Export growth was broad-based across sectors, led by semiconductors (+16.4% mom sa, a 12-month winning streak) and auto/auto parts (+36.9% mom sa rebound).
3.Shipments to the US expanded 37.1% mom sa and drove approximately 40% of the sequential gain, alongside broad increases across ASEAN, Japan, and China.

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Report data

Exhibit 1: Sharp acceleration in September exports...

Metric	Estimate	Context
Headline Exports Growth	18.1 % mom sa	Non-annualized, seasonally adjusted by Goldman Sachs; strongest momentum since 1985
Headline Exports Growth	83.5 % yoy	Accelerated from +68.7% yoy in August; Bloomberg consensus was +62.5%
Headline Imports Growth	11.3 % mom sa	Rebounded after two months of contraction
Headline Imports Growth	26.0 % yoy	Accelerated from +22.4% yoy in August; Bloomberg consensus was +21.0%
Trade Balance	49.9 US$ bn	Not seasonally adjusted; widened to a historic high