Korea's monthly exports hit $115.3 bil. in Oct. on record chip sales

South Korea's exports soared 93.7 percent in October, reaching a record $115.3 billion compared to the previous year. The surge was primarily fueled by a significant increase in semiconductor shipments, according to data released by the Ministry of Trade, Industry and Resources on Sunday. Strong global demand for semiconductors, along with ongoing investments by major tech firms in artificial intelligence infrastructure, contributed to the improved export figures.

Imports increased by 36 percent to $72.78 billion, resulting in a substantial trade surplus of $42.5 billion.

Semiconductor exports, a critical component of South Korea's economy, experienced a remarkable 259 percent growth, climbing to $56.4 billion. Petroleum and petrochemical exports also saw notable growth, with exports of petroleum products rising 80 percent to $6.92 billion and petrochemical products increasing 27.5 percent to $4 billion.

The cosmetics industry boomed by 57.5 percent to $1.44 billion, driven by rising demand in key markets such as China, the United States, and the European Union. Automobile exports grew by 18.1 percent to $6.55 billion, fueled by increased overseas demand for gasoline hybrid vehicles.

Exports to China surged 133.6 percent to $26.98 billion, a figure that had topped $20 billion for five consecutive months. Shipments to the United States skyrocketed 185.8 percent to $24.9 billion, bolstered by robust demand for semiconductors, computers, and electrical equipment utilized in AI infrastructure.