SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s exports surged to $61.6 billion, more than doubling compared to the same period last year, primarily fueled by historic semiconductor shipments. The Korea Customs Service announced the data on Wednesday. Daily export averages, based on working days, hit $4.74 billion—the highest for the first 20 days of any month. Meanwhile, imports increased by 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
Semiconductors led this remarkable growth, with exports soaring 222.5% to $27.5 billion during the period, indicating shipments of around $8.5 billion a year earlier. Semiconductors now represent 44.7% of total exports, making them the largest category. This upward trend continues a robust performance for Korean chipmakers, including Samsung, which has been expanding its memory offerings for AI applications.
Other major industries also experienced strong growth. Shipments of petroleum products increased by 68.3% from the previous year. Exports of automobiles grew by 40.9%, while steel product exports rose 42.6%. The widespread expansion across these key sectors contributed to the overall momentum from semiconductors. Collectively, these gains pushed the daily export average to a record high for this period.
Exports to China and the US more than double
Exports to China increased by 154.4% year on year in the first 20 days of October. Shipments to the United States grew by 154.9%, slightly surpassing the rise to China. Additionally, exports to Vietnam and the European Union also experienced growth over the same timeframe, according to customs data. These figures reflect rising demand across South Korea’s largest export markets simultaneously.
Imports grew more slowly than exports, up 42.8% to $47.1 billion. The resulting trade surplus for this period was $14.5 billion. Higher exports of high-value items like chips helped expand the surplus. With exports exceeding imports by roughly 31%, South Korea begins the final quarter of the year with a strong economic position.
Year-to-date exports total $876.3 billion
From the start of the year through October 20, total exports reached $876.3 billion. The cumulative trade surplus for the year so far stands at $266.9 billion. These latest figures build upon earlier strong performances, including a 68.7% jump in August exports to $98.25 billion, supported by vigorous chip sales, as reported in August.
The initial 20-day data provide a preliminary outlook on South Korea’s overall trade performance for October. Full month figures are typically published early the following month. Semiconductors will remain a critical sector, accounting for 44.7% of total exports. Additionally, increases in petroleum, automobiles, and steel exports suggest a broader strength within the export industry.