SEOUL, South Korea / RankWire.AI / – During the first 20 days of October, South Korea’s exports of semiconductors skyrocketed by 222.5% compared to the same period last year, reaching a total of $27.5 billion and contributing to an overall export volume of $61.6 billion. The total outbound shipments more than doubled year-on-year, according to data published on Wednesday by the Korea Customs Service. Chips made up 44.7% of all exports during this period, marking a record-breaking level of semiconductor shipments.
The average daily export value hit $4.74 billion, setting an all-time high for the first 20 days of any month. Meanwhile, imports increased by 42.8% year-on-year to $47.1 billion, resulting in a trade surplus of $14.5 billion over the 20-day span. This means that exports exceeded imports by approximately 31%.
The surge in chip exports suggests that approximately $8.5 billion worth of shipments were sent abroad during the same period last year. Semiconductor exports were the primary driver behind this growth, with Korean firms like Samsung expanding their memory product lines tailored for AI applications. These latest figures highlight the pivotal role semiconductors play in South Korea’s trade success.
Petroleum, automotive and steel sectors contribute to export growth
Exports of petroleum products saw an increase of 68.3% compared to last year, while automobile shipments grew by 40.9%, and steel exports rose by 42.6%. These gains help to diversify South Korea’s export recovery beyond just semiconductors, with these four key product groups leading the expansion across the country’s main industries during this period.
In terms of destinations, exports to the United States jumped by 154.9%, and shipments to China increased by 154.4%. The customs agency also noted rising exports to Vietnam and the European Union. The similar growth percentages for these two major markets indicate a strong demand in both China and the US, with exports to all four principal regions advancing concurrently.
Exports Approaching $900 Billion for the Year
From the beginning of the year until Tuesday, October 20, South Korea’s total exports reached $876.3 billion, with the cumulative trade surplus amounting to $266.9 billion. The recent months had already demonstrated robust momentum; for instance, in August, exports increased by 68.7% to $98.25 billion, as reported in earlier data.
The data from the first 20 days of October offer an early glimpse into South Korea’s trade performance for the entire month, with full figures typically released at the start of the following month. Semiconductors, which now constitute nearly 45% of total exports, remain the primary sector to monitor, while sustained growth in petroleum, automotive, and steel exports signals a broader strength in the export economy overall.