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

South Korea's exports surged 93.7 percent in October, reaching a record high of $115.3 billion compared to the previous year, according to data released on Sunday. The significant growth was primarily fueled by a surge in semiconductor shipments, alongside continued investments by major tech firms in artificial intelligence (AI) infrastructure, as stated by the Ministry of Trade, Industry and Resources in a press release.

Imports increased by 36 percent year-on-year, amounting to $72.78 billion, which resulted in a substantial trade surplus of $42.5 billion. On a sectoral basis, semiconductor exports, a crucial component of Asia's fourth-largest economy, experienced a dramatic 259 percent increase, reaching $56.4 billion. Petroleum exports jumped by 80 percent to $6.92 billion, while petrochemical exports rose by 27.5 percent to $4 billion.

The cosmetics sector saw a 57.5 percent surge, totaling $1.44 billion, driven by heightened demand in China, the United States, and the European Union. Automobile exports grew by 18.1 percent, amounting to $6.55 billion, boosted by the increased overseas demand for hybrid gasoline models. The major destinations for these exports were yet to be detailed in the report.