Today's news:
According to statistics released by the Korea Automobile Importers Association (KAIDA) on October 9, from August to September this year, only 6,868 imported electric vehicles, including Tesla, were newly registered in South Korea. This is the first time in three years and two months that the total number of newly registered imported electric vehicles has not exceeded 10,000.
Indonesian President Joko Widodo said on the 8th that the focus of global economic growth is shifting to Asia, and Indonesia is expected to become one of the three economic superpowers in Asia along with India and China.
TrendForce: Before the third quarter, the terminal demand for consumer products remained weak, with AI servers supporting the main demand for memory, and HBM squeezing out the existing DRAM product production capacity, so suppliers maintained a certain degree of adherence to the contract price increase. It is estimated that the average price increase of memory in the fourth quarter will be greatly reduced.
Tesla will officially launch Robotaxi (driverless taxi) on October 10, Los Angeles time (October 11, Beijing time). In recent years, as the relevant details of autonomous driving test operations have become clearer, the commercialization of Robotaxi has accelerated. According to IHS Markit's forecast, by 2030, the total market size of shared travel in China will reach 2.25 trillion yuan, of which Robotaxi may account for 60%.
The preparatory meeting of the Automotive Working Group of the European Chamber of Commerce in China was held in Munich and is expected to be formally established before the end of the year. The preparatory meeting discussed the work plan and organizational structure of the Automotive Working Group. The working group will adhere to the principles of openness and promoting cooperation, aiming to absorb Sino-European automotive supply chain companies and associations, do a good job in policy advocacy and voice, and safeguard the interests of Chinese companies in the European automotive field.
BYD: It is expected to sell 50,000 electric vehicles in Mexico this year and 100,000 in 2025. The site for the first factory in Mexico will be announced by the end of the year.
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Today's Insights: South Korea’s Exports Surge Again! What's Driving the Growth?
Overview of September 2024 Export Data
At the beginning of October, South Korea's Ministry of Trade, Industry and Energy released the latest foreign trade data showing that South Korean exports in September 2024 reached $58.77 billion, a 7.5% increase year-on-year. This marks 12 consecutive months of growth in South Korea's export performance.
Growth in Key Export Products
The Korean news agency Yonhap attributed the continuous rise in exports to strong growth in key products. Semiconductor chip exports surged 37.1% year-on-year, with an export value of $13.6 billion, marking 11 consecutive months of growth. In addition, computer exports in September rose by 132%, and wireless communication device exports increased by 19%.
Impact of Global Economic Recovery
Demand for AI storage chips has been a major driving force behind South Korea’s economic growth this year. Samsung Electronics and SK Hynix are competing for larger order shares from Nvidia. Furthermore, South Korean car exports grew by 4.9% year-on-year, while ship sales skyrocketed by 76.2%.
Continued Growth in Exports to China
South Korea's exports to the US and the EU rose by 3.4% and 5.1% respectively. In September, exports to China increased by 6.3%. In the first three quarters of 2024, cumulative exports to China totaled $34.43 billion, a year-on-year increase of 9.5%.
Signs of Global Economic Recovery
Analysts believe that South Korea’s economy, often seen as the "canary in the coal mine" for the global economy, is sending positive signals of a global economic recovery through its export data. Based on the 14.9% surge in South Korea’s exports to China in July, China has once again surpassed the US as South Korea’s largest export market.
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