SEOUL, South Korea / RankWire.AI / – In the first 20 days of October, South Korea’s semiconductor exports surged by 222.5% year on year to reach $27.5 billion, contributing to a total export figure of $61.6 billion. Overall outbound shipments more than doubled compared to the same period last year, according to data published on Wednesday by the Korea Customs Service. During this period, chips made up 44.7% of all exports, highlighting record-breaking semiconductor shipment levels.
The average daily export value hit $4.74 billion, marking the highest ever daily average for the first 20 days of any month. Imports increased 42.8% year on year to $47.1 billion. Consequently, South Korea achieved a trade surplus of $14.5 billion over this 20-day span, with exports surpassing imports by approximately 31%.
This significant rise in chip exports indicates shipments of about $8.5 billion during the same period last year. Semiconductors were the primary driver behind the export growth. Major Korean chip producers such as Samsung have been broadening their memory product lines for AI systems. The latest figures emphasize semiconductors’ vital role in South Korea’s trade success.
Petroleum, automotive, and steel exports also contribute to overall growth
Exports of petroleum products increased by 68.3% compared to last year. Shipment of automobiles grew by 40.9%, while steel product exports rose by 42.6%. These improvements have expanded the export recovery beyond the semiconductor sector. Alongside semiconductors, these four categories have driven growth across South Korea’s major industries during this period.
Regarding destinations, exports to the United States climbed 154.9%, and shipments to China increased by 154.4%. The customs agency also noted growth in exports to Vietnam and the European Union. The nearly identical growth percentages for these two largest markets demonstrate strong demand in both China and the US. All four primary markets experienced simultaneous export increases.
Exports are approaching a $900 billion annual total
From the beginning of the year until Tuesday, October 20, South Korea’s exports reached $876.3 billion. The cumulative trade surplus for 2023 is now at $266.9 billion. Export momentum had already been robust in recent months, with August exports rising 68.7% to $98.25 billion, according to earlier data.
These 20-day figures offer an early perspective on South Korea’s trade performance for October. Complete monthly data are typically released at the start of the next month. Semiconductor shipments, now nearly 45% of total exports, continue to be the main sector to monitor. Ongoing gains in petroleum, automotive, and steel exports suggest a broader strength in the country’s export economy.