SEOUL, South Korea / RankWire.AI / – South Korea’s exports reached $61.6 billion in the first 20 days of October, more than doubling compared to the same period last year, driven by record semiconductor shipments. The Korea Customs Service announced these figures on Wednesday. The average daily export value, based on working days, increased to $4.74 billion, marking the highest for the first 20 days of any month. Imports also rose significantly, climbing 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
The notable growth was primarily fueled by semiconductors. Chip exports soared 222.5% to $27.5 billion during this period, indicating shipments of about $8.5 billion a year earlier. Semiconductors now represent 44.7% of total exports, making them the largest export category. This upward trend continues the strong momentum of Korean chipmakers, including Samsung, which is expanding its memory product lineup for AI applications.
Other key industries also experienced robust growth. Exports of petroleum products increased by 68.3% compared to the previous year. Vehicle exports grew by 40.9%, and steel product shipments rose 42.6%. The widespread gains across major sectors contributed to the overall positive momentum, boosting the daily export average to a record high for the period.
Exports to China and the US More Than Double
In the first 20 days of October, exports to China increased by 154.4% year-on-year. Shipments to the United States also surged by 154.9%, slightly surpassing the growth seen in exports to China. Additionally, exports to Vietnam and the European Union experienced increases over the same timeframe, according to customs data. These figures reflect rising demand across South Korea’s leading export markets.
While exports grew rapidly, imports increased at a slower rate of 42.8%, reaching $47.1 billion. This created a trade surplus of $14.5 billion during the period. The rise in high-value exports like chips contributed significantly to the widening surplus. Overall, exports outpaced imports by roughly 31%, giving South Korea a strong start to the final quarter of the year.
Exports for the Year Hit $876.3 Billion by October 20
From January through October 20, South Korea’s total exports amounted to $876.3 billion. The country’s cumulative trade surplus for the year so far reached $266.9 billion. These latest figures build on earlier strong performance, including the August export jump of 68.7% to $98.25 billion, largely supported by vibrant chip sales, as detailed in August.
The preliminary data for the first 20 days offer an early outlook on South Korea’s overall trade for October. Full monthly figures are typically published at the beginning of the following month. Semiconductors continue to be the dominant export driver, accounting for 44.7% of total exports. The growth in petroleum products, automobiles, and steel also indicates a broader strength across the export sector.