SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s exports more than doubled compared to the same period last year, reaching a record $61.6 billion driven by semiconductor shipments. The Korea Customs Service published the data on Wednesday. Daily export averages, based on working days, increased to $4.74 billion, marking the highest level ever for the first 20 days of any month. Meanwhile, imports rose 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
Semiconductor exports were the primary driver behind this growth. Shipments of chips surged 222.5% to $27.5 billion during this period, indicating exports of approximately $8.5 billion in the same timeframe last year. Semiconductors now represent 44.7% of total exports, making them the largest single product category. This increase continues the strong momentum for South Korean chipmakers, including Samsung, which has been expanding its memory product offerings for AI applications.
Other major export categories also experienced significant growth. Shipments of petroleum products increased by 68.3% from the previous year. Automobile exports went up by 40.9%, and steel product exports rose by 42.6%. The widespread gains across key industries contributed to the overall positive trend, further supported by the semiconductor sector. Collectively, these sectors pushed the average daily export value to a record high for this period.
Exports to China and the US More Than Double in October
Exports to China increased by 154.4% year-on-year during the first 20 days of the month. Shipments to the United States grew by 154.9%, slightly surpassing the growth rate to China. Exports to Vietnam and the European Union also saw increases over the same period, according to customs data. These figures highlight a rise in demand across South Korea’s largest export markets simultaneously.
While exports experienced rapid growth, imports rose more slowly, up 42.8% to $47.1 billion. The resulting trade surplus for this period was $14.5 billion. The increase in exports of high-value items like chips played a significant role in expanding the surplus. Exports outpaced imports by roughly 31%, providing South Korea with a strong start to the year’s final quarter.
Year-to-Date Exports Hit $876.3 Billion, Surplus Reaches $266.9 Billion
From January through October 20, South Korea’s cumulative exports totaled $876.3 billion. The country’s total trade surplus for this period reached $266.9 billion. These latest figures build on earlier robust results. In August, South Korea’s exports jumped 68.7% to $98.25 billion, supported by strong chip sales as well.
The preliminary data for the first 20 days offer an early indication of South Korea’s overall trade performance for October. Full monthly figures are usually released at the beginning of the following month. Semiconductor exports will remain a key factor to monitor, given their 44.7% share of total exports. Additionally, increases in petroleum products, automobiles, and steel suggest a broader strength across the export sector.