South Korea exports nearly double in October, strongest growth since 1974

South Korea's exports nearly doubled in October, marking the strongest growth since 1974, according to trade data released on Sunday. The Asian nation's exports soared 93.7% last month to $115.28 billion, exceeding market expectations and outpacing the previously forecasted 93.2% increase. The surge was attributed to favorable calendar effects, courtesy of the timing difference in local Chuseok holidays, resulting in more working days.

September's export growth of 83.7% pale in comparison, with this month's increase being the strongest since January 1974.

The surge in exports was primarily driven by a 259.4% jump in semiconductor sales, as well as a remarkable 496.6% increase in computer sales, fueled by surging server demand for AI services. These gains were made despite a 36.0% rise in imports to $72.78 billion, a significant increase from the 26.0% rise in September. The resulting monthly trade balance stood at a surplus of $42.50 billion, slightly narrower than the previous month's record $49.97 billion surplus.