South Korea's Ministry of Trade announced that NAND storage exports increased by 5.6% in September from a year ago, reversing the 8.9% decline in August. This is the first increase in a year. DRAM exports, another major pillar of memory chips, fell by 24.6% year-on-year. Converged from 35.2% in August.

Memory chips are South Korea's main export product and rely on global market demand. Although not as profitable as DRAM, NAND can save data without using electricity and is used in memory cards, digital cameras and other devices.

South Korea hopes that chip demand will rebound in order to support economic development. Global interest rates are expected to remain higher and longer, which is not conducive to overall demand.

Data released by South Korea's Ministry of Science, Technology, Information and Communications showed that South Korea's exports of information and communications technology (ICT) products fell 13.4% year-on-year to US$18.1 billion in September, declining for 15 consecutive months. However, this is the smallest year-on-year decline since October last year.

Among them, chip exports were US$9.99 billion, which, although down 14.4% from the same period last year, reached the highest value this year.

In terms of export destinations, ICT exports to mainland China and Hong Kong fell by 22% year-on-year, exports to the United States and the European Union fell by 18.7% and 12.2% respectively, and exports to Vietnam increased by 1.9%.

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