SEOUL, South Korea / RankWire.AI / – South Korea’s exports of semiconductors experienced a remarkable increase of 222.5% year on year, reaching $27.5 billion within the first 20 days of October, which contributed to total exports amounting to $61.6 billion. The overall outbound shipments more than doubled compared to the same period last year, as reported on Wednesday by the Korea Customs Service. Chips made up 44.7% of all exports during this timeframe, indicating record-breaking semiconductor shipment figures.
The average export value per working day hit $4.74 billion, marking the highest daily average ever recorded for the first 20 days of any month. Meanwhile, imports increased by 42.8% year on year to $47.1 billion. As a result, South Korea posted a trade surplus of $14.5 billion over the 20-day span, with exports surpassing imports by approximately 31%.
The surge in chip exports suggests shipments of roughly $8.5 billion during the same period last year. Semiconductors remained the primary driver behind the export growth. Notably, Korean chipmakers such as Samsung have been expanding their memory product lines to serve AI systems. These latest figures emphasize the pivotal role of semiconductors in South Korea’s trade success.
Petroleum, Automobiles, and Steel Contribute to Export Growth
Exports of petroleum products increased by 68.3% compared to the previous year. Shipments of automobiles grew by 40.9%, while steel product exports rose by 42.6%. These increases extend the export recovery beyond the semiconductor sector. Alongside semiconductors, these four key product groups drove growth across South Korea’s main industries during this period.
Exports to the United States surged by 154.9%, and shipments to China grew by 154.4%, with the customs agency noting gains in exports to Vietnam and the European Union as well. The nearly identical growth rates for the two largest markets reflect a strong rising demand in both China and the US. All four major destinations saw export increases simultaneously.
Exports Nearing $900 Billion for the Year
From the beginning of the year through Tuesday, October 20, South Korea’s total exports reached $876.3 billion, with a cumulative trade surplus of $266.9 billion. Export momentum had already been robust in recent months; in August, exports rose 68.7% to $98.25 billion, according to earlier data. The 20-day figures offer an early glimpse into October’s trade performance, with full data typically released at the start of the following month. Semiconductor shipments, now nearly 45% of total exports, remain the most significant factor to monitor, while continued growth in petroleum, auto, and steel exports indicates broader strength in South Korea’s export economy.