South Korean exports nearly doubled in October on AI investment boom
The surge was partly driven by the month having more working days than a year earlier due to differences in the timing of the Chuseok holidays.
South Korea's exports nearly doubled in October, marking the sharpest increase in over 50 years. The surge in overseas sales was primarily driven by robust global demand for AI investment, which led to a 93.7% rise in exports from the preceding October, according to government data. The country's economy expanded faster than anticipated in the third quarter, fueled by strong semiconductor exports and investments.
This growth trajectory is on track for South Korea to become the fourth nation worldwide to reach a cumulative export value of US$1 trillion, following the United States, China, and Germany. Exports of semiconductors alone surged 259.4% to US$56.44 billion in October, driven by continued investments by global tech giants and high prices for AI-related products.
Computer sales surged 496.6% due to heightened demand for server capabilities supporting AI services. Shipments to key markets like China, the United States, Europe, and Southeast Asia also saw significant increases of 133.6%, 185.8%, 56.4%, and 128.0%, respectively. Meanwhile, South Korea's imports climbed 36.0% to US$72.78 billion, following a 26.0% rise in September.
The trade surplus narrowed to US$42.50 billion, a modest improvement from the previous month's record-high surplus of US$49.97 billion.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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