South Korea’s exports nearly doubled in October, rising 93.7% from a year earlier to $115.28 billion, as booming global demand for artificial intelligence investment drove an extraordinary surge in semiconductor shipments. The result puts Asia’s fourth-largest economy on course to record its first-ever $1 trillion export year as early as November.
FAKTA
- South Korea’s October exports rose 93.7% year on year to $115.28 billion, the second-highest monthly total on record.
- Semiconductor exports jumped 259.4% to $56.44 billion, almost half of the month’s total.
- January-October exports reached $930 billion, passing $900 billion for the first time.
- Only $70 billion more is needed for annual exports to reach $1 trillion.
- The October increase was the strongest since January 1974, though it was boosted by more working days than a year earlier.
South Korea exports powered by semiconductors
Semiconductors were the overwhelming driver of the October surge. Chip exports jumped 259.4% from a year earlier to $56.44 billion, taking a 48.9% share of the month’s total, as prices and volumes stayed high on continued facility investment by global technology firms competing for leadership in artificial intelligence.
Computer exports also rose sharply, reaching $5.85 billion, up 496.6% year on year, according to trade ministry data reported on 1 November. Imports totalled $72.78 billion in October, leaving a trade surplus of $42.50 billion.
A calendar effect behind the headline
The headline increase needs one important qualification: October had more working days than the same month a year earlier because of the different timing of the Chuseok holiday. Even after adjusting for working days, however, daily average exports were still up 76% from a year earlier, underlining that the surge is not only a calendar effect.
October’s total was the second-largest monthly figure on record, behind only September’s $121.1 billion, and the second consecutive month above $110 billion. The October result also beat the median forecast of a 93.2% rise in a Reuters poll of economists.
What the $1 trillion milestone would mean
If the milestone is reached, South Korea would become only the fourth country in the world to record $1 trillion in annual exports, after the United States, China and Germany. Trade Minister Kim Jung-kwan said it was now all but certain, telling reporters: “With exports continuing solid growth of more than $110 billion in October, it is becoming certain that annual exports of $1 trillion will be reached within November.”
South Korea is widely watched as a bellwether for global trade, because its factories sit at the heart of electronics and technology supply chains. The strength of its exports therefore offers a read on global technology spending even as other parts of the world economy, from Europe to China, show more mixed signals.
Conclusion
October’s figures are preliminary customs data and can be revised until annual statistics are finalised in February 2027. But on the numbers published on 1 November, South Korea is $70 billion away from a historic first $1 trillion export year — and at the current monthly pace, that gap could close within weeks.
