SEOUL, South Korea / RankWire.AI / – South Korea’s overall outbound shipments experienced a significant boost in early October, with semiconductor exports leading the surge. In the first 20 days of the month, the country’s semiconductor exports jumped 222.5% year on year to reach $27.5 billion, contributing to total exports of $61.6 billion. According to data published on Wednesday by the Korea Customs Service, the total outbound shipments more than doubled compared to the same period last year, with chips making up 44.7% of all exports. These figures highlight a record-breaking volume of semiconductor shipments.
The average export value per working day reached $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, resulting in South Korea posting a trade surplus of $14.5 billion during this period. The gap between exports and imports was approximately 31%.
The sharp rise in chip exports suggests shipments of around $8.5 billion during the same period last year. Semiconductors were the primary factor driving export growth, with Korean chip manufacturers such as Samsung actively expanding their memory product lines for AI systems. The latest data underscore the crucial role semiconductors play in South Korea’s trade performance.
Petroleum, automotive and steel exports bolster overall growth
Exports of petroleum products increased by 68.3% compared to last year. Vehicle exports rose 40.9%, while steel product shipments grew 42.6%. These gains extend the export recovery beyond the semiconductor sector. Alongside semiconductors, these four categories have driven growth across South Korea’s leading industries during this period.
Regarding destinations, exports to the United States surged 154.9%, and shipments to China grew by 154.4%. The customs agency also reported increased exports to Vietnam and the European Union. The nearly identical growth rates for these two major markets indicate a strong demand in both China and the US. Exports to all four key regions increased simultaneously.
Exports Approaching $900 Billion in an Annual Outlook
From the beginning of the year until Tuesday, October 20, South Korea’s exports totaled $876.3 billion, with a cumulative trade surplus of $266.9 billion. The export momentum has been robust in recent months, with August exports rising 68.7% to $98.25 billion, according to earlier data. The 20-day figures offer an early snapshot of South Korea’s trade performance for October. Full-month figures are typically released at the start of the following month. Semiconductors, which now account for nearly 45% of total exports, remain the central focus for future growth. Persistent gains in petroleum, automobile, and steel exports suggest a broad-based strength in the country’s export economy.