SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s exports more than doubled compared to the same period last year, reaching a historic $61.6 billion driven by record semiconductor shipments. The Korea Customs Service provided this data on Wednesday. The average daily exports, calculated over working days, increased to $4.74 billion — the highest for any first 20-day period in history. Meanwhile, imports grew by 42.8% to $47.1 billion, resulting in a trade surplus of $14.5 billion.
The main contributor to this surge was semiconductors. Chip exports soared by 222.5% to $27.5 billion during this timeframe, indicating shipments of around $8.5 billion in the previous year. Semiconductors represented 44.7% of total exports, making it the largest share among all products. This continued a robust streak for Korean chip producers, including Samsung, which has been expanding its memory offerings for AI systems.
Other key sectors also experienced notable growth. Exports of petroleum products increased by 68.3% from the previous year. Automotive exports went up by 40.9%, while steel product shipments rose by 42.6%. The widespread expansion across these vital industries, in addition to semiconductors, contributed to the overall momentum. Collectively, these sectors helped push the daily export average to a record high for this period.
Exports to China and the US more than double in October’s first 20 days
During the first 20 days of October, exports to China increased by 154.4% year-on-year. Shipments to the United States also grew sharply by 154.9%, slightly surpassing the growth rate to China. Additionally, exports to Vietnam and the European Union experienced increases over the same period, according to customs data. These figures reflect rising demand across South Korea’s major export destinations simultaneously.
Imports, on the other hand, expanded at a slower rate, climbing 42.8% to $47.1 billion. This resulted in a trade surplus of $14.5 billion during the first 20 days of October. The surplus was bolstered by higher exports of high-value items like chips, which helped widen the gap. Compared to imports, exports exceeded them by approximately 31%, giving South Korea a solid start to the year’s final quarter.
Year-to-date exports total $876.3 billion
From January 1 to October 20, South Korea’s cumulative exports reached $876.3 billion. The nation’s overall trade surplus for this period stood at $266.9 billion. These latest figures build upon earlier strong results, with August seeing exports jump 68.7% to $98.25 billion, driven by robust chip sales.
The early data for the first 20 days offer an initial preview of South Korea’s full-month trade performance. Usually, complete October figures are published at the beginning of the following month. Semiconductors will continue to be a key factor to watch, given their 44.7% share of total exports. Additionally, gains in petroleum products, automobiles, and steel suggest a broader strength across the export sector.