SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s semiconductor exports jumped by 222.5% year on year to reach $27.5 billion, pushing total exports to $61.6 billion. The 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 timeframe, indicating record semiconductor shipment figures.
The average daily export value hit $4.74 billion, the highest ever for the first 20 days of any month. Imports increased by 42.8% year on year to $47.1 billion. Consequently, South Korea experienced a trade surplus of $14.5 billion over this period, with exports surpassing imports by approximately 31%.
This surge in chip exports suggests shipments of around $8.5 billion during the same period last year. Semiconductors were the primary driver of this export growth. Notably, Korean companies such as Samsung have been expanding their memory product lines for AI systems. These figures highlight semiconductors’ vital role in South Korea’s trade performance.
Petroleum, automotive and steel exports boost overall growth
Exports of petroleum products increased by 68.3% year on year. Car shipments grew by 40.9%, while steel exports rose by 42.6%. These increases expand the export recovery beyond semiconductors. Alongside chips, these four sectors contributed significantly to South Korea’s main industry growth during this period.
Looking at destinations, exports to the United States grew 154.9%, and shipments to China increased by 154.4%. Exports also rose to Vietnam and the European Union, according to customs data. The similar growth rates in these two primary markets reflect strong demand in both China and the US. All four major destinations experienced simultaneous export increases.
Exports Approaching $900 Billion Yearly Milestone
From January 1 through Tuesday, October 20, South Korea’s total exports reached $876.3 billion, with a cumulative trade surplus of $266.9 billion for the year. Recent months have shown strong export momentum, with August exports up 68.7% to $98.25 billion, based on earlier data.
These 20-day figures offer an early outlook on South Korea’s October trade performance. Full-month data are typically released at the beginning of the next month. Semiconductors, now nearly 45% of total exports, remain the primary sector to monitor. Continued growth in petroleum, automotive, and steel exports suggests a broadly resilient export economy.