South Korea’s October Exports Rise 93.7% as Chip Exports Surge

South Korea's exports increased 93.7% from a year earlier in October, reaching $115.28 billion, as stronger semiconductor and computer shipments drove a $42.50 billion trade surplus.

Semiconductor export sales grew 259.4% to $56.44 billion. Sustained prices and shipment volumes were tied to continued facility investment by major global technology companies competing for leadership in artificial intelligence (AI). Computer exports rose 496.6% as demand increased for servers used by AI services.

Exports rose across the major destinations in October. Shipments to the United States climbed 185.8%, exports to China gained 133.6%, sales to Southeast Asia rose 128%, and exports to Europe increased 56.4%.

October's 93.7% year-over-year increase was the largest since January 1974, following September's preliminary export record. A difference in the timing of the Mid-Autumn holiday left October with more working days than the same month a year earlier, contributing to the year-over-year increase.

Exports totaled $930 billion from January through October. Trade Minister 金正官 forecast that annual exports would reach $1 trillion within November. Exceeding that level would make South Korea the fourth country to reach that annual export scale, after the United States, China and Germany.

Imports rose 36% from a year earlier to $72.78 billion. The difference between exports and imports left South Korea with a $42.50 billion trade surplus for October.