SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s semiconductor exports experienced a year-on-year increase of 222.5%, reaching $27.5 billion, which contributed to total exports of $61.6 billion. The overall outbound shipments more than doubled compared to the same period last year, according to data published on Wednesday by the Korea Customs Service. Chips represented 44.7% of all exports during this timeframe, indicating record-breaking semiconductor shipment figures.
The average export value per working day hit $4.74 billion, marking the highest daily average ever recorded for the first 20 days of any month. Imports increased by 42.8% year on year to $47.1 billion. Consequently, South Korea posted a trade surplus of $14.5 billion over the 20-day period, with exports surpassing imports by roughly 31%.
This surge in chip exports suggests shipments of approximately $8.5 billion during the same period last year. Semiconductors were the primary factor behind the export growth. Leading Korean chip manufacturers such as Samsung have been broadening their memory product lines to cater to AI systems. The latest figures emphasize the vital role that semiconductors play in South Korea’s trade success.
Petroleum, automotive, and steel exports contribute to overall export increase
Exports of petroleum products rose 68.3% compared to last year. Vehicle shipments grew by 40.9%, and steel product exports increased by 42.6%. These improvements helped expand the export recovery beyond the semiconductor sector. Alongside semiconductors, these four key product groups drove growth across South Korea’s primary industries during this period.
Regarding destinations, exports to the United States increased by 154.9%, while shipments to China grew by 154.4%. The customs agency also noted rising exports to Vietnam and the European Union. The similar growth rates for these two major markets demonstrate strong demand in both China and the US. All four principal export destinations experienced simultaneous growth.
Exports set to approach the $900 billion milestone for the year
From the beginning of this year through Tuesday, October 20, South Korea’s exports totaled $876.3 billion, with a cumulative trade surplus of $266.9 billion. Recent months already showed a robust upward trend; for instance, August exports increased by 68.7% to $98.25 billion, according to earlier data. The 20-day data offer an early glimpse into October’s trade performance, with full-month figures typically published at the start of the next month. Semiconductors, now accounting for nearly 45% of total exports, remain the primary sector to monitor. Additionally, sustained growth in petroleum, automobile, and steel exports indicates a broader strength in South Korea’s export economy.