SEOUL: South Korea’s exports have jumped 93.7% to a record US$115.3bil in October from a year earlier, driven largely by a sharp increase in semiconductor shipments, according to data.
Strong global demand for semiconductors, coupled with continued investments by major technology companies in artificial intelligence (AI) infrastructure, boosted overall exports, the Trade, Industry and Resources Ministry said last Sunday.
Imports rose 36% from a year earlier to US$72.78bil, resulting in a trade surplus of US$42.5bil.
Cumulative exports for the January to October period exceeded US$900bil for the first time, with the ministry projecting that the country’s annual exports could reach US$1 trillion as early as November if the current trend continues.
By sector, semiconductor exports, a key pillar of Asia’s fourth-largest economy, skyrocketed 259% from a year earlier to US$56.4bil in October, the statement said.
Exports of petroleum products jumped 80% to US$6.92bil, while those of petrochemical products rose 27.5% to US$4bil.
Cosmetics exports shot up 57.5% to US$1.44bil on rising demand in China, the United States and the European Union (EU).
Automobile exports gained 18.1% to US$6.55bil, driven by increased overseas demand for gasoline hybrid models.
By destination, exports to China soared 133.6% to US$26.98bil, driven by strong shipments of semiconductors and wireless communications equipment.
Exports to China topped US$20bil for the fifth consecutive month.
Shipments to the United States surged 185.8% to US$24.9bil, supported by robust demand for semiconductors, computers and electrical equipment used in AI infrastructure.
The monthly report also showed exports to South-East Asian countries rose 128% to US$21.33bil, while those to the EU increased 56.4% to US$8.1bil, with both gains driven by strong shipments of chips and automobiles.
“The global trade environment remains uncertain, with many small and medium-sized enterprises facing difficulties amid rising protectionism in major economies, shifts in global supply chains and geopolitical tensions in the Middle East,” Industry Minister Kim Jung-kwan said.
To address these challenges, the government will step up trade cooperation with major export partners and work to remove barriers to ease the burden on businesses, he said. — Yonhap News Agency/ANN
