South Korea's Chip Exports Surge 222.5% in First 20 Days of October, Record High

South Korea's customs data released on Oct. 21 showed that exports in the first 20 days of October reached $61.6 billion, more than double from a year earlier and the highest for the period on record. On a working-day basis, average daily exports stood at $4.74 billion, also a record high for the first 20 days of any month.

Chip exports, a key driver of the growth, surged 222.5% year-on-year to $27.5 billion in the Oct. 1-20 period, also a record for the period. Semiconductor shipments accounted for 44.7% of total exports, up 16.2 percentage points from a year earlier. Finance Minister Lee Joo-ho said on Oct. 17 that the semiconductor boom is expected to last at least through 2027.

Among other categories, oil product exports rose 68.3% to $3.94 billion, automobile exports gained 40.9% to $3.35 billion, and steel product exports increased 42.6% to $2.58 billion. By destination, exports to China climbed 154.4% to $16.6 billion, exports to the United States rose 154.9% to $10.7 billion, while shipments to Vietnam and the European Union grew 74.6% and 78.2%, respectively.

Imports in the first 20 days rose 42.8% year-on-year to $47.1 billion, resulting in a trade surplus of $14.5 billion. In September, South Korea's monthly exports topped $120 billion for the first time, up 83.7% year-on-year, the biggest gain since February 1974. Cumulative exports so far this year reached $876.3 billion, up 59.5%, and could surpass $1 trillion for the first time annually if the current trend continues.