South Korea Exports Hit Record $57.5B as Chip Sales Soar 40%

Sejong, South Korea—Government data showed on Friday that South Korea's exports rose 4.6% in October from a year earlier to $57.52 billion, marking the 13th consecutive month of growth and setting a record for October shipments.

KEY FIGURES:

• Exports: $57.52 billion (+4.6% y/y)
• Imports: $54.35 billion (+1.7% y/y)
• Trade surplus: $3.17 billion (vs $1.55 billion a year earlier)
• Jan-Oct cumulative trade surplus: $39.9 billion

SECTOR BREAKDOWN:

• Semiconductors: $12.5 billion (+40.3% y/y), highest October figure since 2018
• Automobiles: $6.2 billion (+5.5% y/y), October record
• Petrochemicals: $4.0 billion (+10.2% y/y)
• Steel: $2.9 billion (+8.8% y/y), first increase in 9 months
• Bio-health products: $1.2 billion (+18.5% y/y), 4th consecutive monthly gain
• Wireless communication devices: $2.0 billion (+19.7% y/y)
• Computers: $1.0 billion (+54.1% y/y)
• Auto parts: $1.9 billion (+5.9% y/y)
• Petroleum products: $3.4 billion (-34.9% y/y)

REGIONAL EXPORTS:

• China: $12.2 billion (+10.9% y/y), highest since September 2022
• United States: $10.4 billion (+3.4% y/y), 15th straight monthly record
• European Union: $5.3 billion (+5.7% y/y)
• Latin America: +21.6% y/y
• Japan: -2.8% y/y
• ASEAN: -4.5% y/y

ENERGY IMPORTS:

• Total energy imports: $11.2 billion (-6.7% y/y)
• Crude oil imports: $6.61 billion (-17.9% y/y)
• Gas imports: $3.30 billion (+30.2% y/y)
• Coal imports: $1.25 billion (-9.4% y/y)

The Ministry of Trade, Industry, and Energy said ten of South Korea's 15 major export items showed growth in October, with the IT sector leading gains.

"Global uncertainties persist, including the Middle East conflict, the Russia-Ukraine war, and potential changes in U.S. trade policies following their upcoming presidential election," Trade Minister Ahn Duk-geun said in a statement.

Non-energy imports rose 4.1% to $43.19 billion, driven by a 19.0% increase in semiconductor imports and a 52.2% jump in equipment purchases.

The ministry said the January-October cumulative trade surplus of $39.9 billion marked the highest since 2018 when it recorded $60.8 billion for the same period.

Dubai crude oil prices averaged $74.94 per barrel in October, down 16.5% from $89.75 a year earlier, according to the data. This contributed to lower energy import costs.