SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s exports saw an increase of more than double compared to the same period last year, reaching $61.6 billion, mainly due to record-breaking semiconductor shipments. The Korea Customs Service published this data on Wednesday. The average daily exports, based on working days, rose to $4.74 billion, marking the highest daily export figure for the first 20 days of any month. Imports also rose significantly, by 42.8%, reaching $47.1 billion, resulting in a trade surplus of $14.5 billion.
The rapid growth was primarily driven by semiconductors. During this period, chip exports increased by 222.5% to $27.5 billion, which suggests shipments of approximately $8.5 billion a year earlier. Semiconductors represented 44.7% of total exports, the largest share among all products. This upward trend continues a robust performance for Korean chip manufacturers, including Samsung, which has been expanding its memory offerings for AI applications.
Other key sectors also experienced notable growth. Exports of petroleum products increased by 68.3% compared to the previous year. Car exports grew by 40.9%, while steel product shipments went up by 42.6%. The widespread growth across these major industries contributed to the overall momentum generated by the semiconductor sector. Collectively, these increases pushed the average daily exports to a record high for this period.
Exports to China and the US More Than Double
During the first 20 days of October, exports to China rose by 154.4% year-on-year. Shipments to the United States increased by 154.9%, slightly surpassing the growth seen in exports to China. Additionally, exports to Vietnam and the European Union also saw increases over the same timeframe, according to customs data. These figures reflect rising demand across South Korea’s primary export destinations.
While exports grew rapidly, imports increased at a slower rate, up by 42.8% to $47.1 billion. This resulted in a trade surplus of $14.5 billion for the first 20 days of October. The surplus was bolstered by higher exports of high-value items such as chips, which helped widen the trade gap. South Korea’s exports outpaced imports by approximately 31%, marking a strong start to the final quarter of the year.
Exports Year-to-Date Hit $876.3 Billion
From the beginning of the year through October 20, South Korea’s total exports reached $876.3 billion. The country’s cumulative trade surplus for this period stood at $266.9 billion. These latest figures build on earlier strong performances, including the 68.7% jump in August exports to $98.25 billion, which was also driven by robust chip sales, as detailed in August.
The preliminary data covering the first 20 days provides an early indication of South Korea’s overall trade performance for October. Full monthly figures are typically released at the start of the following month. Semiconductors will remain a key sector to monitor, given their 44.7% share of total exports. Additionally, increases in petroleum products, automobiles, and steel point to a broader strength within the export industry.