South Korea’s monthly exports jumped 93.7 percent to a record $115.3 billion in October, according to data released by the Ministry of Trade, Industry and Resources. The surge was largely powered by a sharp increase in semiconductor shipments.
The ministry attributed the record growth to global demand for semiconductors and continued investments by major technology companies in AI infrastructure. Imports surged 36 percent to $72.78 billion, resulting in a trade surplus of $42.5 billion.
For the January‑to‑October period, cumulative exports exceeded $900 billion for the first time, the ministry said, and it projects that the country’s annual exports could reach $1 trillion as early as November if the current upward trajectory is sustained.
In sector terms, semiconductor exports – a cornerstone of South Korea’s economy – surged 259 percent from a year earlier to $56.4 billion in October. Export of petroleum products jumped 80 percent to $6.92 billion, while petrochemical exports rose 27.5 percent to $4 billion. Cosmetics exports climbed 57.5 percent to $1.44 billion amid rising demand in China, the United States and the European Union. Automotive shipments gained 18.1 percent to $6.55 billion, with increased overseas demand for gasoline‑hybrid models.
By destination, exports to China surged 133.6 percent to $26.98 billion, driven by strong semiconductor and wireless communications equipment shipments. South Korea’s exports to the United States surged 185.8 percent to $24.9 billion, supported by robust demand for semiconductors, computers and electrical equipment used in AI infrastructure. Exports to Southeast Asian countries rose 128 percent to $21.33 billion, while those to the European Union increased 56.4 percent to $8.1 billion. All of these gains were driven by strong shipments of chips and automobiles.
Industry Minister Kim Jung‑kwan warned,
The global trade environment remains uncertain, with many small and medium‑sized enterprises facing difficulties amid rising protectionism in major economies, shifts in global supply chains and geopolitical tensions in the Middle East.He added that the government would address these challenges, though specific details were not disclosed.
