South Korea’s exports hit a record high of 115.3 billion dollars in October, driven by semiconductors.

South Korea’s Exports Surge to Record High in October

South Korea’s exports increased by 93.7 percent year-on-year in October, reaching a record level of 115.3 billion dollars. This remarkable growth primarily stems from a significant rise in semiconductor shipments.

Strong Global Demand Drives Export Growth

The Ministry of Trade, Industry, and Energy of South Korea reported that robust global demand for electronic chips and substantial investments by major technology companies in artificial intelligence infrastructure contributed to the export growth.

Import Figures Also Rise

The ministry noted that imports rose by 36 percent, totaling 72.78 billion dollars. This increase resulted in a trade surplus of 42.5 billion dollars.

Semiconductor Exports Lead the Way

According to the statement, semiconductor exports soared by 259 percent, amounting to 56.4 billion dollars. Additionally, petroleum product exports increased by 80 percent to 6.92 billion dollars, while petrochemical product exports grew by 27.5 percent to 4 billion dollars.

Cosmetics and Automotive Exports Show Growth

Cosmetics exports experienced a growth of 57.5 percent, reaching 1.44 billion dollars. Meanwhile, automotive exports rose by 18.1 percent to 6.55 billion dollars, driven by increased demand for hybrid vehicles.

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