SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea experienced a remarkable increase in semiconductor exports, soaring by 222.5% year on year to reach $27.5 billion. This surge significantly contributed to the total export value of $61.6 billion. Overall outbound shipments more than doubled compared to the same period last year, according to data published on Wednesday by the Korea Customs Service. Chips made up 44.7% of all exports during this period. The figures indicate a record-breaking shipment volume for semiconductors.
The average daily export value hit $4.74 billion, marking the highest ever daily average 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 achieved a trade surplus of $14.5 billion over this 20-day span. Exports outpaced imports by approximately 31%.
This significant rise in chip exports suggests shipments were around $8.5 billion during the same period last year. Semiconductors were the primary factor behind the growth in exports. Notably, Korean chip manufacturers like Samsung are expanding their memory product lines tailored for AI systems. The latest data emphasizes the crucial role of semiconductors in South Korea’s trade success.
Petroleum, automobiles, and steel boost export recovery
Exports of petroleum products increased by 68.3% compared to the previous year. Car shipments grew by 40.9%, and steel product exports rose by 42.6%. These increases helped expand the export rebound beyond the semiconductor sector. Along with semiconductors, these four key product groups led the growth across South Korea’s major industries during the period.
Regarding destinations, exports to the United States surged by 154.9%, while shipments to China grew by 154.4%. The customs agency also reported increases in exports to Vietnam and the European Union. The nearly identical growth rates in these two largest markets reflect strong demand in both China and the US. All four primary export destinations experienced simultaneous growth.
Exports Approaching $900 Billion for the Year
From the beginning of the year through Tuesday, October 20, South Korea’s exports totaled $876.3 billion. The cumulative trade surplus reached $266.9 billion. Recent months have shown a robust export trend. In August, exports increased by 68.7% to $98.25 billion, according to earlier data.
The figures from the first 20 days offer an early indication of South Korea’s trade performance for October. Full-month data are typically released at the start of the following month. Semiconductor shipments, now nearly 45% of total exports, remain the main focus. Continued growth in petroleum products, automobiles, and steel suggests a broad-based strength in the export sector.