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

SEOUL - South Korea's exports nearly doubled in October, marking the sharpest increase in over 50 years, according to trade data released on Sunday. The economy, which serves as a key indicator for global trade, saw a 93.70 percent rise in exports, reaching US$115.28 billion. This figure surpassed market expectations and was slightly higher than the predicted 93.20 percent increase in a Reuters poll of economists.

The surge in exports was attributed to favorable calendar effects, as October had more working days compared to September due to differences in the timing of local Chuseok holidays. The increase in exports also outpaced September's 83.70 percent gain and was the highest since January 1974.

The trade ministry revealed that overseas sales of semiconductors surged by an impressive 259.40 percent, driven by high prices and volumes. This growth was sustained by continued investments by global tech giants in advanced facilities, as they compete for leadership in the artificial intelligence industry. Concurrently, computer sales skyrocketed by 496.60 percent due to a rising demand for AI servers.

Meanwhile, imports climbed by 36.00 percent to US$72.78 billion, following a 26.00 percent increase in September. This marked the biggest annual rise in trade since January 2022. As a result, South Korea's monthly trade balance recorded a surplus of US$42.50 billion, which was narrower than the record US$49.97 billion surplus seen in the previous month.