South Korea exports extend robust growth on AI-fuelled chip boom
The export boom is also putting South Korea on course to exceed US$1 trillion in annual shipments for the first time in 2026.
South Korea's exports continued to grow robustly in October, driven by a surge in artificial intelligence-powered chip manufacturing. According to the Ministry of Trade, Industry and Resources, exports adjusted for working days rose 76.1% year-over-year, reaching US$115.3 billion. Unadjusted data showed a 93.7% increase, while imports climbed 36%, resulting in a trade surplus of US$42.5 billion.
The Bank of Korea is considering raising interest rates in November after assessing the impact of recent rate hikes. Semiconductors were the primary driver, with exports surging 259% to US$56.4 billion. Other sectors, such as computers, petroleum products, and cars, also saw significant growth. South Korea is on track to surpass US$1 trillion in annual exports in 2026, marking the nation as the fourth to achieve this milestone.
However, the benefits of the chip boom have not been evenly distributed, complicating the Bank of Korea's task as it balances strong growth, inflation, and weak household demand.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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