SEOUL, South Korea / RankWire.AI / – South Korea’s exports saw a significant increase, more than doubling from the same period last year in the first 20 days of October, reaching $61.6 billion thanks to record-breaking semiconductor shipments. The Korea Customs Service announced the data on Wednesday. The average daily exports, calculated by working days, climbed to $4.74 billion, marking the highest level for the first 20 days of any month. Meanwhile, imports grew by 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
The increase was primarily driven by semiconductors. Chip exports soared by 222.5% to $27.5 billion during this period, indicating shipments of approximately $8.5 billion a year earlier. Semiconductors made up 44.7% of total exports, representing the largest share among all products. This strong performance continued the robust trend for Korean chipmakers, including Samsung, which has been expanding its memory product offerings for AI systems.
Other key sectors also posted notable gains. Exports of petroleum products increased by 68.3% compared to the previous year. Automotive exports rose by 40.9%, and steel product shipments grew by 42.6%. The widespread growth across these vital industries contributed to the overall momentum generated by semiconductor exports. Collectively, these sectors helped set a record for the daily export average during this period.
Exports to China and the US more than double
Exports to China surged by 154.4% year-on-year in the first 20 days of October. Shipments to the United States increased by 154.9%, slightly surpassing the growth seen in exports to China. Additionally, exports to Vietnam and the European Union experienced growth over the same timeframe, according to customs data. These figures reflect rising demand across South Korea’s leading export markets simultaneously.
Imports grew at a slower rate than exports, rising 42.8% to $47.1 billion. This created a trade surplus of $14.5 billion for the first 20 days of October. The surplus was mainly fueled by higher exports of high-value goods like chips. With exports exceeding imports by roughly 31%, South Korea begins the final quarter of the year with a strong trade position.
Exports for the year reach $876.3 billion
Total exports from January through October 20 amounted to $876.3 billion. The country’s cumulative trade surplus for this period stands at $266.9 billion. These latest figures build on earlier strong results, including a 68.7% jump in August exports to $98.25 billion, driven by robust chip sales, as reported in August.
The preliminary data for the first 20 days provide an early outlook on South Korea’s overall trade performance for October. Full monthly figures are typically published at the start of the following month. Semiconductors will continue to be a key focus, given their 44.7% share of total exports. Additionally, increases in petroleum products, automobiles, and steel reflect broader strength across the export sector.