South Korea October 1-20 exports surge 105% on record chip sales

South Korea's exports skyrocketed by 105.4 percent in the first 20 days of October, 2023, as reported by customs data. The surge was primarily fueled by record sales of semiconductor chips, driven by global investments in artificial intelligence. On average, exports increased by 65.9 percent on a working-day basis, reaching a record high of $4.74 billion.

Semiconductors alone saw a remarkable 222.5 percent surge, making up 44.7 percent of the total exports. This marks the largest monthly jump in exports since February 1974, with the value exceeding $120 billion for the first time in October.