SEOUL, South Korea / RankWire.AI / – According to data released on Wednesday by the Korea Customs Service, South Korea’s semiconductor exports experienced a year-on-year increase of 222.5%, reaching $27.5 billion in the first 20 days of October. This growth contributed to total exports amounting to $61.6 billion. Overall outbound shipments more than doubled compared to the same period last year. Chips made up 44.7% of all exports during this timeframe. The figures highlight record-breaking semiconductor shipment volumes.
The average daily export value hit $4.74 billion, marking the highest ever for the first 20 days of any month. Meanwhile, imports grew by 42.8% year on year to $47.1 billion. As a result, South Korea recorded a trade surplus of $14.5 billion during this period, with exports surpassing imports by approximately 31%.
The surge in chip exports suggests shipments of roughly $8.5 billion during the same period last year. Semiconductors were the primary factor driving this export growth. Leading Korean chip manufacturers, including Samsung, have been broadening their memory product lines tailored for AI systems. These latest figures emphasize the vital role semiconductors play in South Korea’s trade success.
Petroleum, automotive, and steel exports contribute to overall gains
Exports of petroleum products increased by 68.3% from the previous year. Shipments of automobiles rose by 40.9%, and steel product exports grew by 42.6%. These increases extend the export recovery beyond the semiconductor sector. Alongside semiconductors, these four product categories led growth across South Korea’s key industries during the period.
In terms of destinations, exports to the United States surged by 154.9%, while shipments to China grew by 154.4%. The customs agency also noted increases in exports to Vietnam and the European Union. The similar growth rates for the two largest markets indicate a strong rise in demand in both China and the US. All four major markets experienced simultaneous export growth.
Exports nearing $900 billion 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 amounted to $266.9 billion. Export momentum had already been robust in recent months; in August, exports increased by 68.7% to $98.25 billion, as reported in earlier data.
The figures from the first 20 days provide an early insight into South Korea’s trade performance for October. Full-month data are typically released at the start of the following month. With semiconductor shipments now accounting for nearly 45% of total exports, they remain the primary factor to monitor. Continued growth in petroleum, automobile, and steel exports suggests a broader strength in the nation’s export economy.