South Korea’s Exports Surge Toward $1 Trillion as Chip Shipments More Than Quadruple

In the first 10 days of November, South Korea's exports surged more than doubling to $33.46 billion, setting a record for the month. Semiconductor shipments, in particular, experienced an astonishing 331.2% year-on-year increase, more than quadrupling and becoming the leading export product. This surge was instrumental in driving overall export growth, which saw a 111.9% increase compared to the same period a year earlier. Average daily exports reached $4.46 billion, marking a significant 97.7% rise.

The cumulative exports for the year reached approximately $963.6 billion, leaving a mere $36.4 billion to surpass the historic milestone of $1 trillion annual exports. Semiconductors made up 49.7% of total exports, up 25.3 percentage points from a year earlier, reaffirming their pivotal role in South Korea's export performance.

Other sectors also showed impressive growth, with petroleum products and computer peripherals both experiencing triple-digit increases. However, passenger vehicle exports saw a slight decline of 4.3%, bucking the broader upward trend.

Major export destinations witnessed significant growth, including China (148.0%), the United States (163.6%), Vietnam (113.3%), and Taiwan (182.5%). Imports totaled $24.71 billion, up 45.0% from a year earlier, with semiconductors and machinery seeing the highest increases (101.3% and 16.5%, respectively). Energy imports, including crude oil and natural gas, surged 86.3%, with natural gas imports jumping 192.1%.

South Korea posted a substantial trade surplus of $8.75 billion during this period, the largest ever recorded for the comparable period. This surplus marked 21 consecutive months of trade balance surpluses. With the current pace of average daily exports sustained, South Korea is expected to surpass the $1 trillion annual export mark around November 20, following approximately eight more working days.