South Korea Tech: September 2026 Export Tracker: DRAM Exports Reach Another All-Time High at US$33bn (+552% YoY) – Goldman Sachs

Key Takeaways

• 1.DRAM export value grew +552% YoY to US$33.26bn in September 2026, marking an all-time high driven by data center build-outs and agentic AI proliferation.
• 2.Memory exports overall surged +359% YoY in September, marking 8 consecutive months of 200%+ YoY growth and +312% YoY for 3Q26.
• 3.HBM proxy imports show YTD August plastic film imports to SEC rose +61% YoY, indicating a potential strong recovery in Samsung's HBM shipments, while epoxide resins imports to Hynix rose +4% YoY.

Table of Contents

• Memory: 8 consecutive months of 200%+ yoy growth with DRAM exports +552% yoy
• HBM: YTD Hynix epoxide resins import +4% yoy; SEC plastic film import +61% yoy
• Display: Weak yoy results for both OLED and LCD
• MLCC: Continues 5 consecutive months of double-digit yoy growth
• Li-ion batteries: continues positive yoy growth
• WFE: Strong yoy growth trend continues for exports and imports in September
• Exhibit 1: Import trends of epoxide resins have been showing strong correlation with Hynix HBM shipments
• Exhibit 2: Import trend of plastic film has been showing strong correlation with SEC HBM shipment
• Exhibit 3: Monthly exports/imports trends of South Korea Tech companies' major products
• Exhibit 4: Quarterly export trends of South Korea Tech companies' major products
• Price Target Risks and Methodology - Samsung Electronics
• Price Target Risks and Methodology - SK Hynix Inc.
• Price Target Risks and Methodology - Samsung Electro-Mechanics
• Price Target Risks and Methodology - LG Display

Report data

Exhibit 3: Monthly exports/imports trends of South Korea Tech companies' major products — as of September 30, 2026.