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Semiconductors drive record exports
South Korea’s exports reached a record $61.61 billion during the first 20 days of October, more than doubling from the same period a year earlier, according to preliminary data released by the Korea Customs Service.
Exports rose 105.4%, or $31.61 billion. This year’s period included 13 working days, compared with 10.5 a year earlier. After adjusting for that difference, average daily exports increased 65.9% to a record $4.74 billion.
Imports climbed 42.8% to $47.12 billion, leaving Asia’s fourth-largest economy with a $14.5 billion trade surplus. Export growth, led by semiconductors, far outpaced the increase in imports.
Chip exports surged 222.5% to a record $27.52 billion as demand linked to artificial intelligence expanded. Semiconductors accounted for 44.7% of all exports, up from 28.4% during the same period last year.
Semiconductor imports also rose 78.4% to $7.57 billion, making chips South Korea’s largest import category with a 16.1% share. Imports of semiconductor manufacturing equipment nearly doubled, rising 93.4% to $1.85 billion as companies expanded production facilities.
Exports to the U.S. and China jump
Shipments to the United States increased 154.9%, while exports to China rose 154.4%. The two countries are major markets for South Korea’s semiconductor industry. China, the United States and Vietnam were the country’s three largest export destinations, together accounting for 52.7% of total shipments.
Exports also rose 74.6% to Vietnam, 78.2% to the European Union and 36.7% to Taiwan. By product, exports of computer peripherals jumped 424%, while petroleum products rose 68.3%, steel products increased 42.6% and passenger vehicles gained 40.9%.
On the import side, gas purchases rose 112.4%, machinery imports increased 43.7% and crude oil imports climbed 42.9%.
Mid-sized companies post separate record
In a separate set of data, exports by South Korea’s mid-sized companies reached a record $35.7 billion in the second quarter. Biohealth and semiconductor products led the gains, with biohealth exports rising 77.9%.
Growth was particularly strong in Southeast Asia and Latin America. Exports to Oceania rose 29.2% to $630 million, while shipments to India increased 18.5% to $1.2 billion.
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