SEOUL, South Korea / RankWire.AI / – South Korea’s total exports reached $61.6 billion in the first 20 days of October, with semiconductor shipments soaring 222.5% year on year to $27.5 billion, according to data released on Wednesday by the Korea Customs Service. This surge in chip exports contributed significantly to the overall export growth, which more than doubled compared to the same period last year. Chips made up 44.7% of all exports during this timeframe, indicating record-breaking semiconductor shipment levels.
The average export value per working day reached $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 recorded a trade surplus of $14.5 billion over the 20 days, with exports surpassing imports by approximately 31%.
This notable rise in chip exports suggests shipments of around $8.5 billion during the same period last year. Semiconductors were the primary factor driving export growth. Major Korean chip producers such as Samsung have been expanding their memory product lines tailored for AI applications. The latest figures emphasize the crucial role of semiconductors in South Korea’s trade performance.
Petroleum, automotive and steel sectors also contribute to export improvements
Exports of petroleum products increased by 68.3% compared to the previous year. Automotive shipments grew by 40.9%, while steel product exports went up by 42.6%. These increases extend the export recovery beyond the semiconductor sector. Alongside semiconductors, these four key product groups led the expansion across South Korea’s main industries during this period.
Regarding destinations, exports to the United States jumped 154.9%, and shipments to China rose 154.4%. The customs agency also noted growth in exports to Vietnam and the European Union. The nearly identical growth rates in the two largest markets reflect a robust demand in both China and the US. Export figures to all four major regions increased simultaneously.
Exports Approaching $900 Billion for the Year
From the beginning of the year through Tuesday, October 20, South Korea’s exports totaled $876.3 billion, with a cumulative trade surplus of $266.9 billion. The momentum in exports has been strong in recent months, with August exports rising 68.7% to $98.25 billion, according to earlier data. The 20-day data offers an early indication of South Korea’s trade performance for October, as full-month figures are typically released at the start of the following month. Semiconductors, which now account for nearly 45% of total exports, remain the main focus, while continued growth in petroleum, cars, and steel signals a resilient export economy.