SEOUL, South Korea / RankWire.AI / – In South Korea, during the first 20 days of October, semiconductor exports soared by 222.5% year on year to reach $27.5 billion, contributing to total shipments of $61.6 billion. The overall outbound shipments more than doubled compared to the same period last year, based on data published on Wednesday by the Korea Customs Service. Chips represented 44.7% of all exports during this timeframe. These figures highlight a record-breaking volume of 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 also increased by 42.8% year on year to $47.1 billion. Consequently, South Korea experienced a trade surplus of $14.5 billion over the 20-day span, with exports surpassing imports by roughly 31%.
This surge in chip exports suggests shipments of approximately $8.5 billion in the same period a year earlier. Semiconductors were the primary driver behind this export growth. Leading Korean chip manufacturers such as Samsung have been expanding their memory product lines for AI systems. The latest data emphasize the vital role semiconductors play in South Korea’s trade success.
Petroleum, Automobiles, and Steel Contribute to Export Growth
Exports of petroleum products increased by 68.3% compared to last year. Vehicle shipments grew by 40.9%, while steel product exports rose by 42.6%. These improvements broaden the export recovery beyond the semiconductor sector. Along with semiconductors, these four product categories led the expansion across South Korea’s key industries during this period.
In terms of destinations, exports to the United States jumped 154.9%, and shipments to China grew by 154.4%. The customs agency also noted increases in exports to Vietnam and the European Union. The nearly identical growth rates for these two leading markets indicate robust demand in both China and the US. Exports to all four major regions advanced simultaneously.
Exports Nearing $900 Billion for the Year
From January 1 through Tuesday, October 20, South Korea’s total exports reached $876.3 billion. The cumulative trade surplus for 2023 stands at $266.9 billion. Export momentum had already been strong in recent months, with August experiencing a 68.7% increase to $98.25 billion, according to earlier data.
The figures from the first 20 days offer an early indication of South Korea’s trade trajectory for October. Full-month data are typically released at the beginning of the following month. Semiconductors, now accounting for nearly 45% of total exports, continue to be the primary factor to monitor. Ongoing growth in petroleum, automotive, and steel exports also points to a resilient export economy.