SEOUL, South Korea / RankWire.AI / – The Korea Customs Service announced on Wednesday that South Korea’s exports during the first 20 days of October surged to $61.6 billion, driven by record semiconductor shipments. The data shows average daily exports, calculated over working days, increased to $4.74 billion, marking the highest level ever recorded for this period. Imports also grew significantly, up 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
The growth was predominantly fueled by semiconductors, with exports of chips leaping 222.5% to $27.5 billion during this timeframe, indicating shipments of approximately $8.5 billion a year earlier. Semiconductors represented 44.7% of the total exports, making it the largest share among all product categories. This upward trend continues a robust period for South Korean chip manufacturers, including Samsung, which is expanding its memory offerings for AI applications.
Other key sectors also experienced notable gains. Exports of petroleum products increased by 68.3% compared to the previous year. Automotive exports rose by 40.9%, while steel product shipments went up by 42.6%. The widespread growth across these vital industries, combined with the semiconductor sector’s strength, contributed to the record-breaking daily export average for the period.
Exports to China and the US more than double
In the first 20 days of October, exports to China surged by 154.4% year on year. Shipments to the United States increased by 154.9%, slightly surpassing the growth seen in exports to China. Additionally, exports to Vietnam and the European Union also saw gains over the same period, according to customs data. These figures reflect rising demand in South Korea’s largest export markets during this period.
While exports expanded rapidly, imports grew at a more modest rate of 42.8%, reaching $47.1 billion. This resulted in a trade surplus of $14.5 billion for the first 20 days of October. The surplus was bolstered by higher exports of high-value products like chips, which helped widen the trade gap. Compared to imports, exports outpaced them by roughly 31%, indicating a strong start for South Korea in the final quarter of the year.
Year-to-date exports total $876.3 billion
From January through October 20, South Korea’s cumulative exports reached $876.3 billion, with the country’s total trade surplus for the year amounting to $266.9 billion. These figures build on earlier strong performances, such as in August, when exports rose by 68.7% to $98.25 billion, supported by solid chip sales.
The preliminary data from the first 20 days provides an early outlook on South Korea’s overall monthly trade results. The full October trade figures are typically published at the beginning of the following month. Semiconductors are expected to remain a key driver, accounting for 44.7% of total exports, with additional strength seen in petroleum products, automobiles, and steel, indicating a broad-based upward trend in the export sector.