SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s semiconductor exports experienced an extraordinary increase of 222.5% compared to the same period last year, reaching $27.5 billion. This surge contributed to total exports climbing to $61.6 billion. Overall outbound shipments more than doubled year-on-year, as reported on Wednesday by the Korea Customs Service. Chips represented 44.7% of all exports during this period, indicating record-breaking semiconductor shipment levels.
During this period, the average export value per business day hit $4.74 billion, marking the highest daily average ever recorded for the first 20 days of any month. Imports increased by 42.8% year on year to $47.1 billion. Consequently, South Korea achieved a trade surplus of $14.5 billion over these 20 days, with exports surpassing imports by approximately 31%.
The notable rise in chip exports suggests shipment values of around $8.5 billion in the same timeframe last year. Semiconductors were the primary drivers behind this export growth. Notably, Korean companies like Samsung have been expanding their memory product lines to cater to AI systems. These latest figures highlight the crucial importance of semiconductors in South Korea’s trade success.
Petroleum, automobiles, and steel contribute to export expansion
In the same period, exports of petroleum products increased by 68.3% from a year earlier. Car shipments grew by 40.9%, while steel product exports rose by 42.6%. These increases helped diversify the export recovery beyond the semiconductor sector. Along with semiconductors, these four key product categories spearheaded growth across South Korea’s primary industries during this timeframe.
Looking at destination markets, exports to the United States surged by 154.9%, and shipments to China grew by 154.4%. Additionally, exports to Vietnam and the European Union also saw gains, according to the customs agency. The similar growth rates in these two major markets reflect a strong rising demand in both China and the US. Simultaneously, exports to all four main destinations increased.
Exports near the $900 billion threshold for the year
From the beginning of the year through Tuesday, October 20, South Korea’s total exports reached $876.3 billion, with a cumulative trade surplus of $266.9 billion. The export momentum has been robust in recent months, with August exports rising by 68.7% to $98.25 billion, based on earlier data.
The figures from the first 20 days offer an early indicator of South Korea’s trade performance for October. Full-month figures are typically available at the start of the following month. Semiconductor exports, now accounting for nearly 45% of total shipments, continue to be the main factor to monitor. Ongoing growth in petroleum products, automobiles, and steel suggests a broad-based strength in the export sector.