SEOUL, South Korea / AsiaWire.IO / – South Korea’s exports jumped 93.7% from a year earlier to a record $115.3 billion in October, driven largely by a sharp rise in semiconductor shipments. The Ministry of Trade, Industry and Resources released the data on Sunday. Imports rose 36% to $72.78 billion, leaving a trade surplus of $42.5 billion. The ministry said strong global chip demand and continued investment in artificial intelligence infrastructure by major technology companies boosted exports.
Semiconductors led the surge. Chip exports skyrocketed 259% to $56.4 billion, accounting for almost half of the month’s total shipments. The jump extends a strong run for Korean chipmakers, as data centers and AI systems drive demand for memory. In the first 20 days of October, chip exports had already risen 222.5% to $27.5 billion, according to customs data. The full-month figure more than doubled that early total.
Other key products also posted strong gains. Exports of petroleum products jumped 80% to $6.92 billion, while petrochemical exports rose 27.5% to $4 billion. Automobile exports climbed 18.1% to $6.55 billion, driven by rising overseas demand for gasoline hybrid models. Cosmetics exports shot up 57.5% to $1.44 billion on demand in China, the United States and the European Union. The gains were spread across both industrial and consumer goods.
Shipments to China and the US soar
By destination, exports to China soared 133.6% to $26.98 billion on sales of chips and wireless communications equipment. Shipments to China topped $20 billion for the fifth consecutive month. Exports to the United States surged 185.8% to $24.9 billion, Yonhap News Agency reported. Demand for semiconductors, computers and electrical equipment used in AI infrastructure supported the increase. The two markets together took more than $51 billion of Korean goods.
Exports to Southeast Asia rose 128% to $21.33 billion, helped by chips and automobiles. Shipments to the European Union gained 56.4% to $8.1 billion, also led by semiconductors and cars. The broad growth across major markets pushed exports for the January-October period above $900 billion for the first time. In August, Korea’s exports had risen 68.7% to $98.25 billion, also lifted by chips.
Annual exports could reach $1 trillion
The ministry said annual exports could reach $1 trillion as early as November if the current trend continues. That would mark a new milestone for Asia’s fourth-largest economy, where semiconductors are a key pillar of growth. Based on the reported growth rate, Korea’s October exports a year earlier totaled roughly $59.5 billion. The latest monthly figure nearly doubles that level. Exports had already passed $900 billion in the first 10 months of the year.
Industry Minister Kim Jung-kwan said the global trade environment remains uncertain. He pointed to protectionism in major economies, shifts in global supply chains and geopolitical tensions in the Middle East. He also said many small and medium-sized enterprises are struggling. The government plans to step up trade cooperation with major export partners and remove export barriers to ease the burden on businesses.