South Korea's exports marked the first rebound in seven months in September on recovering demand from major economies, official data showed Thursday.

Exports, which account for about half of the export-driven economy, rose 7.7 percent in September from a year earlier to 48.05 billion U.S. dollars, according to the Ministry of Trade, Industry and Energy.

Analysts from Reuters had expected a gain of 2 percent. It was the first turnaround since February, posting the fastest increase in 23 months since October 2018.

The exports rebound was mainly attributable to more business days. The daily average export shrank 4.0 percent in September from a year earlier amid the lingering economic fallout from the COVID-19 outbreak.

Chun Kyu-yeon at Hana Financial Investment also noted there were 23 working days in September this year, 2.5 days more than a year earlier.

"The calendar effect, as well as improving demand for chips, computers and cars are supporting exports. But the gain in exports may not last," Chun said, as there may have been front-loading activity ahead of the national Chuseok holidays in early october.

Imports rose 1.1 percent year on year to 39.17 billion U.S. dollars in September, contributing to a trade surplus of 8.88 billion U.S. dollars.

Global demand recovered

Global demand for locally-made products recovered from major economies. Shipment to South Korea's four major export destinations all recovered for the first time in 23 months.

Exports to China, South Korea's biggest trading partner, rose 8.2 percent last month, marking the first turnaround in two months on demand for semiconductors, general machinery, computers and steel products.

Shipments to the United States and the EU grew in double figures on the reopening of businesses after shutdowns to contain the virus spread.

Shipments to ASEAN countries increased 4.3 percent, recording the first rebound in seven months.

Exports to India jumped 28.2 percent last month, but those to Japan, the Middle East and Latin America diminished 6.0 percent, 9.7 percent and 27.6 percent respectively.

Chips, machinery and cars rebounded

South Korea's three major export items, including semiconductors, general machinery and automobiles, rebounded for the first time in 23 months.

Chip exports surged 11.8 percent in September from a year earlier, keeping an upward trend for the third straight month. 

General machinery shipments added 0.8 percent in September, turning around in seven months. Automotive exports climbed 23.2 percent, marking the first rebound in six months.

Auto parts shipments also rebounded in six months on demand from the United States and the EU, and steel exports rose for the first time in nine months due to Chinese demand.

Computer exports continued to increase for 12 straight months as the COVID-19 pandemic encouraged people to work at home and attend online classes.

Consumer electronics shipments kept rising for the third consecutive month, and textile exports logged the first gain in seven months.

Due to the rising demand for COVID-19 testing equipment, the country's exports of medicine and medical supplies continued to grow for 13 straight months. 

Exports for oil products and petrochemicals tumbled 44.2 percent and 5.3 percent each amid the global supply glut.

Shipments of telecommunication devices, such as smartphones, retreated in double digits on weak Chinese demand.

(With input from agencies)