South Korea’s October exports rose 93.7% as chip shipments jumped

South Korea's exports rose 93.7% from a year earlier to $115.28 billion in October, the Ministry of Trade, Industry and Resources said on Sunday, 1 November. Imports rose 36.0% to $72.78 billion, leaving a trade surplus of $42.5 billion. The ministry said it was the second-highest monthly export total on record, behind September's $121.1 billion.

Semiconductors drove most of the gain. Chip exports rose 259.4% to $56.44 billion, which the ministry linked to continued spending by large technology companies on artificial intelligence infrastructure, keeping prices and volumes high. Exports of goods other than chips rose 34%, and 18 of the ministry's 20 main export categories increased.

The ministry also noted a calendar effect: the Chuseok holiday fell in October last year but in September this year, which gave October 2026 more working days. On a per-working-day basis, exports rose 76% to $5.24 billion a day. Car exports rose 18.1% to $6.55 billion, while ship exports fell 43.6% against a year-earlier figure that included a large offshore plant delivery.

By destination, exports to China rose 133.6% to $26.98 billion and exports to the United States rose 185.8% to $24.9 billion, Yonhap reported, citing the ministry. Exports for January to October totalled $930 billion, and the ministry said it expected annual exports to pass $1 trillion during November. That is the ministry's own projection.

Trade minister Kim Jung-kwan said many small and medium-sized firms still face difficulties from protectionism in major economies, supply chain shifts and tension in the Middle East, according to Yonhap. These are preliminary customs figures and can be revised. This article is not investment advice.