S. Korea's monthly exports hit US$115.3 bln in Oct. on record chip sales

South Korea's exports surged 93.7 percent in October to reach a record $115.3 billion, primarily fueled by a substantial rise in semiconductor shipments, according to data released on Sunday. This surge in exports was accompanied by a 36 percent increase in imports, resulting in a trade surplus of $42.5 billion. Cumulative exports for the January-October period surpassed $900 billion for the first time, with projections indicating that annual exports could reach $1 trillion by November if the trend continues.

Semiconductor exports, a critical component of South Korea's economy, soared 259 percent in October, reaching $56.4 billion. Other notable increases included petroleum products, up 80 percent to $6.92 billion, and petrochemical products, up 27.5 percent to $4 billion. The cosmetics industry saw a 57.5 percent jump to $1.44 billion, driven by rising demand in key markets like China, the United States, and the European Union.

Automobile exports also grew 18.1 percent to $6.55 billion, boosted by increased demand for gasoline hybrid models in overseas markets.

Exports to China witnessed a remarkable 133.6 percent increase to $26.98 billion, driven by robust shipments of semiconductors and wireless communications equipment. This marked the fifth consecutive month that China received more than $20 billion in South Korean exports. The United States also saw a significant surge, with exports rising 185.8 percent to $24.9 billion, primarily due to strong demand for semiconductors, computers, and electrical equipment used in AI infrastructure.

Exports to Southeast Asian nations increased by 128 percent to $21.33 billion, while shipments to the European Union grew 56.4 percent to $8.1 billion, both gains attributed to strong chip and automobile sales.