S. Korea's early exports in Sept fall amid tariff, holiday impact

South Korea’s early exports looked weaker in September, weighed down by higher US tariffs and by the fact that companies front-loaded more shipments ahead of the Chuseok holiday in 2024, making 2025's figures look smaller by comparison.

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The monthly trade of Asia’s fourth-largest economy is considered a bellwether for world trade, and its data is the first to be released among major exporting economies.

The value of shipments adjusted for differences in the number of working days fell10.6 per cent from a year earlier in the first 20 days of September, according to data released on Sept 22 by the Customs office. That compared with a revised 6 per cent increase reported for the full month of August adjusted for working days.

Unadjusted exports rose 13.5 per cent, while overall imports increased 9.9 per cent, resulting in a trade surplus of US$189 billion (S$2.4 billion).

The latest trade data shows a larger-than-usual gap between seasonally adjusted and unadjusted figures because of the shifting Chuseok holiday. The holiday in 2024 fell in September, pulling exports forward and leaving a high base that makes 2025’s daily average look smaller in comparison.