SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s semiconductor exports soared by 222.5% year on year to reach $27.5 billion, contributing to a total export value of $61.6 billion. Overall outbound shipments more than doubled compared to the same period last year, according to data released on Wednesday by the Korea Customs Service. Chips made up 44.7% of all exports during this period, indicating record-breaking shipments of semiconductors.
The average daily export value hit $4.74 billion, the highest 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 recorded a trade surplus of $14.5 billion over the 20-day span, with exports surpassing imports by approximately 31%.
The significant rise in chip exports suggests that approximately $8.5 billion worth of shipments were made in the same period last year. Semiconductors were the primary factor behind the export growth. Leading Korean chip companies like Samsung have been expanding their memory product lines geared towards AI systems. The latest figures highlight the vital role semiconductors play in South Korea’s trade success.
Petroleum, automotive and steel exports contribute to overall gains
Exports of petroleum products increased by 68.3% compared to the previous year. Car shipments grew by 40.9%, while steel product exports went up by 42.6%. These improvements broaden the export recovery beyond the semiconductor sector. Alongside semiconductors, these four key product groups drove growth across South Korea’s primary industries during this period.
Regarding destinations, exports to the United States jumped 154.9%, and shipments to China grew 154.4%. Exports to Vietnam and the European Union also saw increases, according to the customs agency. The nearly identical growth rates for these two major markets indicate strong demand in both China and the US. Simultaneous growth in exports to all four top destinations was observed.
Exports Approaching $900 Billion for the Year
From January 1 to 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 been robust in recent months, with August seeing a 68.7% increase to $98.25 billion, based on earlier data.
The data from the first 20 days offer an early indication of South Korea’s trade performance for October. Full-month figures are typically published at the beginning of the following month. The nearly 45% contribution of semiconductors to total exports remains the key sector to monitor. Ongoing growth in petroleum products, automobiles, and steel also signals a broad-based strength in the export economy.