SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s exports experienced a significant increase, more than doubling compared to the same period last year, reaching a record $61.6 billion primarily due to semiconductor shipments. The Korea Customs Service announced these figures on Wednesday. The average daily exports, based on working days, climbed to $4.74 billion, marking the highest level for the first 20 days of any month. Meanwhile, imports rose by 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
Semiconductor exports were the main catalyst for this surge. During the period, chip shipments skyrocketed by 222.5% to $27.5 billion, which implies exports of about $8.5 billion a year earlier. Semiconductors made up 44.7% of total exports, representing the largest share of any product category. This upward trend continues a robust performance for Korean chipmakers, including Samsung, which has been expanding its memory products for AI systems.
Other key industries also experienced notable growth. Exports of petroleum products increased by 68.3% from the previous year. Automotive exports grew by 40.9%, and steel product shipments rose by 42.6%. This broad-based expansion across vital sectors further fueled the momentum from semiconductor sales. Collectively, these sectors contributed to a record-breaking daily export average for this period.
Exports to China and the US More Than Double
In the first 20 days of October, exports to China surged by 154.4% year-on-year. Shipments to the United States increased by 154.9%, slightly surpassing the growth seen in China. Additionally, exports to Vietnam and the European Union also saw increases during the same timeframe, according to customs data. These figures indicate a rising demand across South Korea’s leading export markets.
Imports, however, grew at a slower rate, increasing 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 mainly driven by higher exports of high-value products like chips. Exports outpaced imports by approximately 31%, giving South Korea a strong start into the final quarter of the year.
Year-to-Date Exports Total $876.3 Billion
From the beginning of the year through October 20, South Korea’s cumulative exports reached $876.3 billion. The country’s total trade surplus for this period stood at $266.9 billion. These latest results build on the strong performance seen earlier in the year. In August, South Korea’s exports increased by 68.7% to $98.25 billion, supported by strong chip sales.
The preliminary data covering the first 20 days provide an early outlook on South Korea’s overall trade performance for October. Full monthly figures are generally released at the start of the following month. Semiconductors will continue to be a critical factor, accounting for 44.7% of total exports. Additionally, gains in petroleum, automobile, and steel exports suggest a broader strength across the export sector.