South Korea Reports October Exports of $115.28 Billion, Up 93.7%

South Korea’s exports leapt 93.7% from a year earlier to $115.28 billion in October, propelled by a surge in semiconductor shipments that supplied nearly half the month’s export revenue. The total was the country’s second-highest monthly export figure on record, behind September, according to figures released Sunday by the Ministry of Trade, Industry and Resources.

Imports climbed 36.0% to $72.78 billion, leaving a $42.50 billion merchandise trade surplus. Global investment in artificial intelligence infrastructure provided a powerful source of demand for Korean electronics, although a change in the timing of a major holiday also gave exporters more working days than they had in October 2025.

The ministry’s October trade report showed exports exceeding $110 billion for a second consecutive month. September’s shipments were higher, so October set a record for that calendar month rather than a new all-time monthly high. The distinction helps put the unusually large annual growth rate in perspective.

Semiconductors account for nearly half of exports

Semiconductor exports reached $56.44 billion, up 259.4% from a year earlier. Chips represented about 49% of South Korea’s total export receipts in October, showing the scale of the industry’s contribution to the overall increase. Semiconductor shipments topped $50 billion for a second straight month, although they remained below September’s record.

The ministry attributed the surge to investment by global technology companies seeking more capacity for artificial intelligence computing. It said both prices and shipment volumes remained elevated. Growth in the dollar value of chip exports therefore reflects the strength of demand as well as pricing conditions, rather than simply the number of components shipped abroad.

Other computer-related products registered substantial gains. Computer exports jumped 496.6% to $5.85 billion, helped by investment in server infrastructure and demand for server solid-state drives. Exports of electrical equipment rose 74.0% to $1.99 billion as orders for transformers, cables and other equipment used in data centers expanded.

The rest of the export economy also contributed. Shipments excluding semiconductors rose 34% year over year, according to the ministry. Yet chips accounted for such a large share of October’s total that shifts in memory prices and AI-related capital spending remain especially important to interpreting future Korean trade figures.

Calendar effects add another qualification. South Korea’s Chuseok holiday fell in October last year but moved to September this year, resulting in more working days during October 2026. On a per-working-day basis, exports averaged $5.24 billion, up about 76% from a year earlier. That was below the unadjusted 93.7% increase, but still a strong rise even after accounting for the difference in operating days.

Cars, consumer products and oil add to the growth

Automobile exports rose 18.1% to $6.55 billion, supported by demand for hybrid models and the additional working days. The ministry said the figure was the highest recorded for an October. Auto parts exports also increased, climbing about 15% to roughly $1.7 billion.

Petroleum products generated $6.92 billion in exports, an 80.0% increase, while petrochemical shipments rose 27.5% to $4.00 billion. The ministry cautioned that these gains were driven heavily by prices: exported volumes actually declined 7.5% for petroleum products and 6.8% for petrochemicals. Higher sales values in those sectors should not be mistaken for equivalent increases in the physical amount shipped.

Consumer-oriented industries recorded gains as well. Cosmetics exports increased 57.5% to $1.44 billion, with growth in shipments to the United States, China and the European Union. Agricultural and food exports rose 11.6% to $1.11 billion, while biohealth products gained 30.2% to $1.53 billion. All three categories achieved their highest export values for an October, the ministry said.

Of the 20 major export categories tracked by the government, 18 reported year-over-year increases. Shipbuilding was a notable exception, falling 43.6% to $2.64 billion, partly because a large offshore-plant delivery had lifted the comparison base a year earlier. The contrasting performances show that the overall boom did not reach every export industry to the same degree.

China and the United States lead a wider rise in demand

Exports to China climbed 133.6% to $26.98 billion as semiconductor shipments and sales of other major industrial products strengthened. It was the fifth consecutive month in which South Korean exports to China exceeded $20 billion. China was the largest individual national destination listed in the October report.

Shipments to the United States rose even faster, gaining 185.8% to $24.90 billion. The ministry cited robust demand for chips, computers and electrical equipment associated with AI infrastructure, alongside higher automobile and steel exports. The figures indicate that American technology investment is benefiting several Korean export industries, not only semiconductor producers.

Exports to the Association of Southeast Asian Nations rose 128.0% to $21.33 billion, supported by semiconductors, displays and petroleum products. Sales to the European Union increased 56.4% to $8.10 billion, marking an eleventh consecutive month of annual growth. The improvement was not universal: exports to Central and South America and to the Commonwealth of Independent States declined. Overall, seven of the nine major destination groups recorded gains.

Imports rise, but the trade surplus remains above $40 billion

South Korea’s import bill grew much more slowly than its exports. Energy imports rose 63.1% to $16.49 billion, while imports excluding energy increased 29.7% to $56.29 billion. Crude oil purchases alone climbed 51.9% in value to about $10.7 billion even though imported volumes fell 6.3%, reflecting a sharp increase in the price paid for oil.

Purchases of semiconductor-manufacturing equipment rose 49.2% to $2.52 billion, and automobile imports increased 38.5% to $1.46 billion. The higher spending on foreign energy and manufactured goods did not offset the increase in export earnings, allowing the goods trade balance to remain firmly in surplus.

The $42.50 billion October surplus was the second consecutive monthly surplus above $40 billion. Across the first ten months of 2026, exports reached approximately $930 billion, up 60.6% from the comparable period a year earlier. The cumulative trade surplus totaled $294.9 billion. With exports $70 billion short of $1 trillion, the country was approaching a threshold it had not previously reached in a calendar year.

Industry Minister Kim Jung-kwan said the government expected annual exports to cross $1 trillion during November. That is a government projection, not a milestone already achieved. He also acknowledged risks from protectionist policies in major markets, shifts in global supply chains and tensions in the Middle East, particularly for smaller exporters. November’s trade figures will determine whether the expected crossing of the threshold has taken place.