South Korea's exports in early October more than doubled compared to a year ago, setting a new record for the month. The average daily export amount also reached an all-time high when adjusted for working days.
The Korea Customs Service reported on October 12 that the export amount from October 1 to 10 was $26.14 billion, a 102.0% increase from the same period last year. This figure marks the highest ever recorded for October. Consequently, the annual export total has reached $840.83 billion, up 57.9% from the previous year.
The average daily export amount during this period was $4.75 billion. Although there were two additional working days compared to last year, the average daily exports increased by 28.5%, setting a new record for the period from October 1 to 10.
Semiconductors led the export surge, with exports in early October reaching $12.198 billion, a 170.9% increase from the previous year. This is also the highest figure recorded for October. The share of semiconductor exports in total exports rose to 46.7%, an increase of 11.9 percentage points from last year.
Exports of petroleum products surged by 45.6% due to rising prices influenced by high oil costs. Exports of passenger cars (82.7%), steel products (49.4%), and wireless communication devices (62.6%) also saw significant increases. However, ship exports fell by 13.4% to $682 million compared to the previous year.
All major trading partners showed growth, with exports to China (167.3%), the United States (159.9%), Vietnam (89.7%), Taiwan (2.6%), and the European Union (127.3%) all increasing. The combined export share of the top three countries—China, the United States, and Vietnam—accounted for 52.3% of total exports.
Imports also rose significantly, increasing by 65.5% to $22.316 billion. The annual cumulative import amount has grown by 21.0% to $584.68 billion. Semiconductor imports increased by 66.7% to $3.264 billion, while imports of gas (125.5%), machinery (90.6%), and semiconductor manufacturing equipment (208.8%) also rose.
Energy imports, including crude oil, gas, and coal, surged by 64.8%. Crude oil imports alone increased by 56.2% to $4.257 billion, making it the largest import item during this period. Gas and coal imports rose to $1.435 billion (up 125.5%) and $421 million (up 21.2%), respectively.
All major trading partners, including China (84.4%), the United States (57.6%), the EU (87.7%), Japan (80.1%), and Taiwan (82.5%), showed increases in imports.
With exports exceeding imports, the trade balance recorded a surplus of $3.788 billion. The annual cumulative trade surplus now stands at $256.219 billion.
* This article has been translated by AI.
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