South Korea exports extend robust growth on AI-fuelled chip boom
In October, the value of shipments is US$115.3 billion, after the previous month’s record US$121.1 billion
South Korea's exports continued their robust growth in October, driven by an artificial intelligence-fuelled boom in the chip industry, even as technology stock prices experienced a sell-off. Exports adjusted for working-day differences grew by 76.1 percent year-on-year, reaching US$115.3 billion, following a record US$121.1 billion in the previous month.
On an unadjusted basis, exports rose 93.7 percent, while imports climbed 36 percent, resulting in a trade surplus of US$42.5 billion. This growth came amidst a global sell-off in technology stocks, fueled by disappointing earnings from major US companies like Amazon.com and Intel, which have raised concerns about the sustainability of the AI investment boom.
Despite the market turbulence, South Korea's main driver of trade gains remained semiconductors, with exports surging 259 percent year-on-year to US$56.4 billion. Shipments of computers rose 497 percent, while petroleum products and cars increased by 80 percent and 18 percent, respectively. The export boom suggests South Korea could surpass the US$1 trillion annual shipment milestone this year, becoming the fourth economy to achieve the feat, following the US, China, and Germany.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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