South Korea’s exports hit record $115.3bn in October
South Korea's exports jumped 93.7 percent to a record US$115.3 billion in October from a year earlier, driven largely by a sharp increase in semiconductor shipments, data showed Sunday, Yonhap reported.
Strong global demand for semiconductors, coupled with continued investments by major technology companies in artificial intelligence (AI) infrastructure, boosted overall exports, the Ministry of Trade, Industry and Resources said in a press release.
Imports rose 36 percent from a year earlier to $72.78 billion, resulting in a trade surplus of $42.5 billion.
Cumulative exports for the January-October period exceeded $900 billion for the first time, with the ministry projecting that the country's annual exports could reach $1 trillion as early as November if the current trend continues.
By sector, semiconductor exports, a key pillar of Asia's fourth-largest economy, skyrocketed 259 percent from a year earlier to $56.4 billion in October, the release said.
Exports of petroleum products jumped 80 percent to $6.92 billion, while those of petrochemical products rose 27.5 percent to $4 billion.
Cosmetics exports shot up 57.5 percent to $1.44 billion on rising demand in China, the United States and the European Union.
Automobile exports gained 18.1 percent to $6.55 billion, driven by increased overseas demand for gasoline hybrid models.
By destination, exports to China soared 133.6 percent to $26.98 billion, driven by strong shipments of semiconductors and wireless communications equipment.
Exports to China topped $20 billion for the fifth consecutive month.
Shipments to the United States surged 185.8 percent to $24.9 billion, supported by robust demand for semiconductors, computers and electrical equipment used in AI infrastructure.
The monthly report also showed exports to Southeast Asian countries rose 128 percent to $21.33 billion, while those to the European Union increased 56.4 percent to $8.1 billion, with both gains driven by strong shipments of chips and automobiles.
Earlier, it was reported that South Korea’s industrial production recorded its fastest monthly growth in more than 15 years in September, driven largely by a surge in semiconductor manufacturing.