SEOUL, South Korea / RankWire.AI / – According to recent data, South Korea’s exports of semiconductors soared by 222.5% year on year, reaching $27.5 billion within the first 20 days of October. This surge contributed to an overall export volume of $61.6 billion for the period. The nation’s total outbound shipments more than doubled compared to the same timeframe last year, as reported on Wednesday by the Korea Customs Service. During this interval, chips represented 44.7% of all exports, indicating a record-breaking level of semiconductor shipments.
The daily average export value hit $4.74 billion, marking the highest ever recorded for the first 20 days of any month. Meanwhile, imports increased by 42.8% year on year to $47.1 billion. Consequently, South Korea experienced a trade surplus of $14.5 billion over this period, with exports outpacing imports by approximately 31%.
This notable rise in chip exports suggests shipments of about $8.5 billion during the same period last year. Semiconductors remain the primary factor driving export growth. Major Korean chip manufacturers such as Samsung continue to expand their memory product lines tailored for AI systems. The latest figures emphasize the vital role semiconductors play in South Korea’s trade success.
Petroleum, automotive and steel exports contribute to overall growth
Exports of petroleum products increased by 68.3% compared to the previous year. Shipments of automobiles rose by 40.9%, and steel product exports grew by 42.6%. These gains help diversify South Korea’s export recovery beyond the semiconductor sector. Along with semiconductors, these four key product categories led the expansion across South Korea’s primary industries during the period.
In terms of destination markets, exports to the United States surged by 154.9%, while shipments to China grew by 154.4%. Additionally, exports to Vietnam and the European Union also saw increases, according to the customs agency. The similar growth rates in the US and China indicate a robust demand in both major markets. All four primary destinations experienced simultaneous upward movement in exports.
Exports set to approach the $900 billion threshold for the year
From the beginning of the year through Tuesday, October 20, South Korea’s total exports reached $876.3 billion. The cumulative trade surplus for 2023 has now hit $266.9 billion. Recent months have already demonstrated strong export momentum; in August, exports increased by 68.7%, totaling $98.25 billion, according to earlier data.
These 20-day figures serve as an early indicator of South Korea’s trade performance in October, with full-month data typically released at the start of the following month. Semiconductors, which now account for nearly 45% of total exports, continue to be the primary sector to monitor. Ongoing increases in petroleum products, automobiles, and steel exports suggest a resilient and expanding export economy across multiple industries.