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, driven by record semiconductor shipments. The Korea Customs Service announced this data on Wednesday. Daily average exports, calculated over working days, increased to $4.74 billion—the highest for any first 20-day period of a month. Meanwhile, imports grew by 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
The growth was primarily fueled by semiconductors, with exports of chips soaring 222.5% to $27.5 billion during this period, indicating shipments of about $8.5 billion in the previous year. Semiconductors represented 44.7% of total exports, making them the dominant product. This remarkable increase continues the strong momentum for Korean chip manufacturers, including Samsung, which has been expanding its memory offerings for AI applications.
Other key export sectors also experienced notable gains. Shipments of petroleum products increased by 68.3% compared to last year. Exports of automobiles rose by 40.9%, while steel products saw a 42.6% increase. The widespread growth across these vital industries contributed to the overall positive trend, elevating the daily export average to a record level for this period.
Exports to China and the US Experience Over 150% Growth
During the first 20 days of October, exports to China surged 154.4% year-on-year. Shipments to the United States increased by 154.9%, slightly surpassing the growth seen in China. Additionally, exports to Vietnam and the European Union also saw increases over the same timeframe, according to customs data. These figures highlight rising demand in South Korea’s largest export markets simultaneously.
While exports outpaced imports, the latter grew more slowly, climbing 42.8% to $47.1 billion. The resulting trade surplus reached $14.5 billion for the first 20 days of October. The rise in exports of high-value items like chips contributed to the widening surplus. With exports surpassing imports by approximately 31%, South Korea is well-positioned at the start of the final quarter of the year.
Accumulated Exports Hit $876.3 Billion Year-to-Date
From January 1 through October 20, total exports reached $876.3 billion. The country’s cumulative trade surplus for this period stood at $266.9 billion. These latest figures build on earlier strong performances, with August exports increasing by 68.7% to $98.25 billion, supported by robust chip sales.
The preliminary data for the first 20 days provides an early indication of South Korea’s overall trade results for October. Complete monthly figures are generally released at the beginning of the following month. Semiconductors will continue to be a key factor, given their 44.7% share of total exports. Additionally, gains in petroleum products, automobiles, and steel suggest broader strength within the export sector.