SEOUL, South Korea / RankWire.AI / – According to data released on Wednesday by the Korea Customs Service, South Korea’s semiconductor exports soared by 222.5% year on year to reach $27.5 billion in the first 20 days of October, contributing to total exports of $61.6 billion. The overall outbound shipments more than doubled compared to the same period last year. Chips represented 44.7% of all exports during this timeframe. These figures highlight record-breaking semiconductor shipments.
The average export value per working day hit $4.74 billion, marking the highest daily average ever recorded for the first 20 days of any month. Imports increased by 42.8% year on year to $47.1 billion. Consequently, South Korea experienced a trade surplus of $14.5 billion during this period, with exports surpassing imports by roughly 31%.
This surge in chip exports suggests shipments of approximately $8.5 billion in the same timeframe last year. Semiconductors were the primary factor driving export growth. Major Korean chip manufacturers such as Samsung have expanded their memory product lines designed for AI systems. The latest data emphasize semiconductors’ vital role in the nation’s trade performance.
Petroleum, automotive, and steel exports bolster overall gains
Exports of petroleum products increased by 68.3% compared to the previous year. Shipments of automobiles grew by 40.9%, while steel product exports went up by 42.6%. These increases extend the export recovery beyond the semiconductor industry. Alongside semiconductors, these four key product categories propelled growth across South Korea’s major sectors during the period.
Looking at destination markets, exports to the United States jumped by 154.9%, and shipments to China also grew by 154.4%. Additionally, exports to Vietnam and the European Union experienced increases, according to the customs agency. The nearly identical growth rates for these two leading markets indicate robust demand in both China and the US. All four primary destinations saw simultaneous increases in exports.
Exports for the year are approaching the $900 billion threshold
From the beginning of the year through Tuesday, October 20, South Korea’s exports totaled $876.3 billion. The cumulative trade surplus for 2023 stands at $266.9 billion. Exports have demonstrated strong momentum recently, with August recording a 68.7% rise to $98.25 billion, according to earlier data.
The early 20-day figures offer an initial indication of South Korea’s trade performance for October, with full-month data typically published at the start of the following month. Semiconductor shipments, now accounting for nearly 45% of total exports, continue to be the primary sector to monitor. Ongoing gains in petroleum, automotive, and steel exports suggest a resilient export economy overall.