SEOUL, South Korea / AsiaWire.IO / – South Korea’s monthly exports reached a record $115.3 billion in October, up 93.7% from a year earlier, as semiconductor sales surged. Data released on Sunday by the Ministry of Trade, Industry and Resources showed chip exports alone soaring 259% to $56.4 billion. Imports increased 36% to $72.78 billion. As a result, the country posted a trade surplus of $42.5 billion for the month.
The ministry attributed the growth to strong global demand for semiconductors. Major technology companies have continued to invest heavily in artificial intelligence infrastructure, it said. Data centers and AI systems have kept demand for memory chips rising. Chips made up almost half of all October exports. Momentum had been building throughout the month, with chip exports reaching $27.5 billion in the first 20 days alone. That early figure was up 222.5% from a year earlier.
Several other industries recorded double-digit growth. Petroleum product exports rose 80% to $6.92 billion, and petrochemical shipments increased 27.5% to $4 billion. Car exports advanced 18.1% to $6.55 billion as overseas buyers sought more gasoline hybrid models. Cosmetics exports grew 57.5% to $1.44 billion, supported by demand in China, the US and the EU. Together, these sectors added breadth to the chip-led rally.
Record demand from key markets
Exports to the United States jumped 185.8% to $24.9 billion, according to a Yonhap report carried by The Korea Times. Semiconductors, computers and electrical equipment for AI infrastructure drove the increase. Shipments to China climbed 133.6% to $26.98 billion on chips and wireless communications devices. China remained the largest destination, with exports there above $20 billion for a fifth straight month. Combined, the US and China bought more than $51 billion of Korean goods in October.
Southeast Asia took $21.33 billion of Korean goods, up 128%, with chips and automobiles leading. Exports to the European Union rose 56.4% to $8.1 billion. Shipments to the EU were also led by semiconductors and cars. Cumulative exports from January to October topped $900 billion for the first time. The strong trade performance follows Korea’s second-quarter current account surplus of $116.63 billion, which ranked second only to China.
$1 trillion annual target in sight
The ministry said annual exports could hit $1 trillion as early as November if the trend holds. Semiconductors remain a key pillar of the economy, and the latest data show how strongly AI spending is lifting the sector. Based on the reported growth rate, October exports a year earlier were about $59.5 billion. Shipments have now nearly doubled from that level. Exports have already passed $900 billion this year, leaving the target within reach.
Despite the strong figures, Industry Minister Kim Jung-kwan warned that the global trade environment remains uncertain. He cited protectionism in major economies, changing supply chains and tensions in the Middle East. Many small and medium-sized enterprises are facing difficulties, he said. The government will strengthen trade cooperation with key partners and work to remove export barriers. He said the government would also try to ease the burden on businesses.