SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s semiconductor exports experienced a remarkable increase of 222.5% year on year, reaching $27.5 billion. This surge contributed to total exports amounting to $61.6 billion. Overall outbound shipments more than doubled compared to the same period last year, as reported on Wednesday by the Korea Customs Service. Chips represented 44.7% of all exports during this timeframe, highlighting record-breaking semiconductor shipment figures.
The average export value per working day hit $4.74 billion, marking the highest daily average ever recorded for the first 20 days of any month. Imports increased 42.8% year on year to $47.1 billion. Consequently, South Korea posted a trade surplus of $14.5 billion over this period, with exports surpassing imports by approximately 31%.
The rise in chip exports suggests shipments of around $8.5 billion during the same period last year. Semiconductor exports were the primary factor behind this growth. Leading Korean chip manufacturers like Samsung have been expanding their memory product lines for AI systems. These latest figures underscore the vital role semiconductors play in South Korea’s trade performance.
Petroleum, automotive, and steel exports bolster overall growth
Exports of petroleum products increased by 68.3% compared to the previous year. Car shipments grew by 40.9%, and steel product exports went up by 42.6%. These gains helped diversify South Korea’s export recovery beyond the semiconductor sector. Alongside semiconductors, these four categories drove growth across the nation’s leading industries during this period.
Regarding destinations, exports to the United States surged by 154.9%, and shipments to China rose by 154.4%. Exports to Vietnam and the European Union also saw growth, according to the customs agency. The similar growth rates in these two major markets indicate strong demand in both China and the US. All four primary export destinations experienced increased shipments simultaneously.
Exports Near $900 Billion Yearly Milestone
From the beginning of the year through Tuesday, October 20, South Korea’s total exports reached $876.3 billion. The cumulative trade surplus for the year stood at $266.9 billion. Export momentum had already been robust in recent months, with August exports increasing by 68.7% to $98.25 billion, based on earlier data.
These 20-day figures 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, which now account for nearly 45% of total exports, remain the primary sector to monitor. Continued growth in petroleum, automotive, and steel exports suggests a resilient and expanding export economy.