SEOUL, South Korea / RankWire.AI / – In South Korea, during the first 20 days of October, exports surged to $61.6 billion, more than doubling from the same period last year, driven by record-breaking semiconductor shipments. The Korea Customs Service published this data on Wednesday. The average daily export value, based on working days, reached $4.74 billion, marking the highest level ever recorded for the first 20 days of any month. Meanwhile, imports increased by 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
The significant growth was primarily fueled by semiconductors. Exported chips skyrocketed by 222.5% to $27.5 billion in this period, indicating shipments of approximately $8.5 billion a year earlier. Semiconductors now represent 44.7% of total exports, the largest share among all products. This upward trend continues a robust performance for Korean chip manufacturers, including Samsung, which has been expanding its memory offerings for AI applications.
Other key industries also experienced notable gains. Shipments of petroleum products increased by 68.3% from the previous year. Exports of automobiles grew by 40.9%, and steel product exports rose by 42.6%. The widespread growth across vital sectors has contributed to the overall momentum originating from semiconductor exports. Collectively, these sectors helped push the average daily export figure to a record high for this period.
Exports to China and the US Both More Than Double
During the first 20 days of October, exports to China jumped 154.4% compared to last year. Shipments to the United States increased by 154.9%, slightly exceeding the growth seen in exports to China. Additionally, exports to Vietnam and the European Union also saw increases over the same period, according to customs data. These figures reflect rising demand across South Korea’s major export destinations.
While exports grew rapidly, imports expanded at a slower 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 rise in exports of high-value items like chips contributed significantly to widening the trade surplus. Overall, exports outpaced imports by about 31%, giving South Korea a strong start into the year’s final quarter.
Year-to-Date Exports Hit $876.3 Billion
From January 1 through October 20, South Korea’s cumulative exports reached $876.3 billion. The nation’s total trade surplus for the year so far stands at $266.9 billion. These latest figures build on earlier strong performances, including in August, when exports soared 68.7% to $98.25 billion, bolstered by robust chip sales.
The preliminary data covering the first 20 days serve as an early indicator of South Korea’s overall trade performance for October. Full monthly figures are generally released at the start of the following month. Semiconductors will continue to be a key focus, given their 44.7% share of total exports. Additionally, gains in petroleum, automotive, and steel exports suggest a broader strength within the export sector.