SEOUL, South Korea / RankWire.AI / – South Korea’s exports surged more than twofold compared to the same period last year in the first 20 days of October, reaching a total of $61.6 billion, fueled by record-breaking semiconductor shipments. The Korea Customs Service published these figures on Wednesday. The average daily export value, based on working days, increased to $4.74 billion, marking the highest daily export average 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.
The notable growth was primarily driven by semiconductors. Exports of chips jumped 222.5% to $27.5 billion during this period, which indicates shipments of approximately $8.5 billion a year earlier. Semiconductors represented 44.7% of the total exports, making them the largest single category. This upward trend continues a robust performance for Korean chip manufacturers, including Samsung, which has been expanding its memory products tailored for AI systems.
Other key sectors also experienced significant growth. Exported petroleum products increased by 68.3% compared to the previous year. Car shipments rose by 40.9%, and steel product exports grew by 42.6%. The widespread expansion across these vital industries, alongside the semiconductor sector, contributed to the record-high average daily exports for this period.
Exports to China and the US More Than Double
Shipments to China increased by 154.4% year on year during the first 20 days of October. Exports to the United States also surged by 154.9%, slightly surpassing the growth seen in China. Additionally, exports to Vietnam and the European Union experienced gains over the same timeframe, according to customs data. These figures reflect rising demand across South Korea’s major export markets simultaneously.
While exports saw significant growth, imports grew at a slower rate of 42.8%, reaching $47.1 billion. The resulting trade surplus for this period was $14.5 billion, largely supported by higher exports of high-value products like chips. The export increase outpaced imports by approximately 31%, providing South Korea with a strong start to the final quarter of the year.
Exports for the Year Total $876.3 Billion as of October 20
From January through October 20, South Korea’s cumulative exports amounted to $876.3 billion. The overall trade surplus for this period reached $266.9 billion. These latest figures build on earlier strong performances, including the August export jump of 68.7% to $98.25 billion, driven by robust chip sales, as reported in August.
The preliminary data covering the first 20 days provide an early outlook on South Korea’s full-month trade results. Official October data are typically released at the beginning of the following month. Semiconductors will likely remain the dominant factor, accounting for 44.7% of total exports. Additionally, increases in petroleum products, automobiles, and steel indicate a broader strength across South Korea’s export industry.