(Sept 30): South Korea’s semiconductor stockpiles dwindled at the fastest clip since 2009 last month in a sign of sustained demand for high-performance memory chips used in artificial intelligence development.

Inventories dropped 42.6% from a year earlier, a quicker pace than the 34.3% decline reported in July, according to data released by Statistics Korea on Monday. Production and shipments grew 10.3% and 16.1%, respectively, the data showed, in additional indications that the boom cycle endured through most of the third quarter.

The latest data may support the view the chip rally that has boosted South Korea’s economic growth this year still has room to run. Memory chips are the biggest driver of the country’s trade-reliant economy, with Samsung Electronics Co and SK Hynix Inc among its top performers.

South Korea is set to report its September exports that include semiconductor shipments on Tuesday. The growth in chip exports has been moderating since May, spurring questions over the extent of the boom.

Meanwhile, South Korea’s total industrial output rose more than economists expected in August, increasing 3.8% from a year earlier, compared with a forecast of 1.9%.

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