SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s exports surged to $61.6 billion, more than doubling compared to the same period last year, driven by record-breaking semiconductor shipments. The Korea Customs Service published these figures on Wednesday. The average daily exports, calculated over working days, increased to $4.74 billion, marking the highest for any first 20-day period in history. Meanwhile, imports grew by 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
The primary contributor to this growth was semiconductors, with exports of chips soaring 222.5% to $27.5 billion during this period, indicating shipments of about $8.5 billion in the previous year. Semiconductors represented 44.7% of total exports, the largest share among all product categories. This upward trend continues a strong performance by Korean chip manufacturers, including Samsung, which has been expanding its memory offerings for AI applications.
Other key exports also saw notable increases. Shipments of petroleum products went up by 68.3% from the previous year. Exports of automobiles grew by 40.9%, and steel product shipments increased by 42.6%. The widespread growth across these vital industries, combined with the semiconductor sector’s momentum, helped push the daily export average to a record high for this period.
Exports to China and the US Experience More Than Doubling
During the first 20 days of October, exports to China increased by 154.4% year on year. Similarly, shipments to the United States rose by 154.9%, slightly surpassing the growth seen with China. Exports to Vietnam and the European Union also saw gains over the same timeframe, according to customs data. These figures reflect rising demand across South Korea’s top export markets simultaneously.
While exports expanded at a faster rate, imports grew more slowly, up 42.8% to $47.1 billion. This resulted in a trade surplus of $14.5 billion for the first 20 days of October. The increase in exports of high-value items like chips contributed to widening the trade gap. Overall, exports outpaced imports by approximately 31%, giving South Korea a strong start into the final quarter of the year.
Yearly Exports Reach $876.3 Billion
From January 1 through October 20, South Korea’s cumulative exports totaled $876.3 billion. The nation’s total trade surplus for this period stands at $266.9 billion. These recent figures build on earlier robust performance, including in August, when exports increased by 68.7% to $98.25 billion, supported by strong chip sales.
The preliminary data for the first 20 days of October serve as an early indicator of South Korea’s overall monthly trade results. Final figures for October are usually released at the beginning of the following month. Semiconductors will continue to be a key sector to monitor, given their 44.7% share of total exports. Additionally, the growth in petroleum, automobile, and steel exports signals broader strength within the export industry.