South Korea's exports rose 93.7% year on year in October to a record $115.3 billion, the Ministry of Trade, Industry and Resources said on November 1, as semiconductor shipments more than tripled on demand tied to AI infrastructure. It was the largest monthly gain since January 1974, and it topped September's 83.7% increase.
Semiconductor exports rose 259% to $56.4 billion, making chips the main driver of the overall jump. The ministry credited strong global chip demand and continued AI infrastructure investment by major technology companies. Computer exports rose 496.6%, driven by server demand for AI services.
Part of the increase reflects the calendar. October had more working days than a year earlier because of the timing of the Chuseok holidays. The headline figure still came in slightly above the 93.2% median forecast in a poll of economists.
Key facts
- 01South Korea's October exports rose 93.7% year on year to a record $115.3 billion.
- 02Semiconductor exports jumped 259% to $56.4 billion on AI infrastructure demand.
- 03Computer exports rose 496.6%, driven by server demand for AI services.
- 04Exports to the US climbed 185.8% to $24.9 billion; shipments to China rose 133.6% to $26.98 billion.
- 05January-October exports totaled about $930 billion; the ministry sees $1 trillion for the year as early as November.
Shipments to the United States rose 185.8% to $24.9 billion, supported by semiconductors, computers and electrical equipment used in AI infrastructure. Exports to China climbed 133.6% to $26.98 billion on chips and wireless communications equipment, topping $20 billion for a fifth consecutive month.
Exports to Southeast Asia rose 128% to $21.33 billion, and shipments to the European Union gained 56.4% to $8.1 billion. Chips and automobiles led both regions.
Outside semiconductors, petroleum product exports rose 80% to $6.92 billion and automobiles gained 18.1% to $6.55 billion on overseas demand for gasoline hybrids. Petrochemicals rose 27.5% to $4 billion, and cosmetics climbed 57.5% to $1.44 billion.
Imports rose 36% to $72.78 billion, the biggest annual increase since January 2022, on higher crude oil prices and demand for chip manufacturing equipment and automobiles. That left a trade surplus of $42.5 billion, narrower than September's record $49.97 billion.
South Korea's exports for January through October totaled about $930 billion, the first time the 10-month figure has passed $900 billion. The ministry projects annual exports could reach $1 trillion as early as November if the trend holds.
“it is becoming certain that annual exports of $1 trillion will be reached within November”— Kim Jung-kwan, Minister of Trade, Industry and Resources
The chip surge is already showing up in corporate and national results. Samsung Electronics and SK Hynix reported surging third-quarter profits, and South Korea's third-quarter GDP grew faster than expected on semiconductor exports and investment.
Kim Jung-kwan, the trade minister, said the global trade environment remains uncertain, pointing to rising protectionism in major economies, shifting supply chains and Middle East tensions. He said the government will expand trade cooperation with major export partners and work to remove export barriers for businesses.
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