Exports Hit $930 Billion in January-October; $1 Trillion Target All but Certain Next Month (Updated)

October exports hit $115.3 billion... above $110 billion for second straight month
$70 billion short of $1 trillion in annual exports
Industry Ministry: "Target virtually certain to be reached in November"
K-Food and K-Beauty hit "all-time highs"

Cumulative exports for the year through October reached $930 billion, surpassing $900 billion for the first time. With $70 billion left to reach $1 trillion in annual exports, the government expects the target to be achieved in November.

According to the Ministry of Trade, Industry and Energy on Nov. 1, exports in October totaled $115.28 billion, up 93.7% from the same month a year earlier. Exports exceeded $110 billion for the second consecutive month.

Pyeongtaek Port, Gyeonggi Province

In October, exports increased in 18 of the 20 key export items. Semiconductor exports ($56.44 billion, up 259.4%) exceeded $50 billion for the second consecutive month, as global Big Tech companies continued investing in facilities to secure a leading position in the AI industry, keeping prices and export volumes high.

Computer exports ($5.85 billion, up 496.6%) continued to perform strongly amid increased investment in server infrastructure as AI services spread and rising demand for server SSDs. Wireless communications equipment exports ($1.95 billion, up 6.7%) also remained positive for the 12th consecutive month, helped by Apple's launch of new products and strong smartphone sales by Samsung.

Automobile exports ($6.55 billion, up 18.1%) set a record for October, driven by an increase in working days following the shift in the Chuseok holiday period from October 2025 to September 2026, as well as strong hybrid vehicle exports. Ship exports ($2.64 billion, down 43.6%) fell temporarily due to a base effect from offshore plant exports of $2.47 billion last year.

Exports of petroleum products ($6.92 billion, up 80.0%) and petrochemicals ($4.00 billion, up 27.5%) posted high growth rates as international oil prices remained elevated amid uncertainty over supplies from the Middle East. However, export volumes fell 7.5% for petroleum products and 6.8% for petrochemicals.

Steel exports ($2.29 billion, up 22.3%) continued to rise, driven by higher export prices amid rising global steel prices despite tighter import restrictions in major countries. Electrical equipment exports ($1.99 billion, up 74.0%) set an all-time monthly record, driven by increased demand for transformers, wires and cables for AI data centers.

The Asia Business Daily DB

Exports of cosmetics, agricultural and fisheries products, and biohealth products all set October records. Cosmetics exports ($1.44 billion, up 57.5%) rose steadily across China, the European Union (EU) and other markets, with the United States leading the growth. Exports of agricultural and fisheries products ($1.11 billion, up 11.6%) also performed well, particularly noodles, beverages and sauces. Biohealth exports ($1.53 billion, up 30.2%) posted strong growth as export volumes continued to rise, supported by market diversification and the signing of multi-year contract manufacturing (CMO) agreements.

In October, exports increased in seven of the nine major export regions. Exports to China ($26.98 billion, up 133.6%) exceeded $20 billion for the fifth consecutive month, as all top export items, including semiconductors, petrochemicals, wireless communications equipment and general machinery, posted strong results.

Exports to the United States ($24.90 billion, up 185.8%) increased, with strong performance in AI-related items such as semiconductors, computers and electrical equipment, as well as growth in automobiles and steel. Exports to ASEAN ($21.33 billion, up 128.0%) exceeded $20 billion for the second consecutive month, with key items including semiconductors, displays and petroleum products performing well across the board. Exports to the EU ($8.10 billion, up 56.4%) also remained positive for the 11th consecutive month, as many items, including automobiles, semiconductors and general machinery, performed well. Exports to the Middle East ($1.67 billion, up 11.0%) edged up despite difficulties navigating the Strait of Hormuz, as exports of items including automobiles, petrochemicals and electrical equipment improved, partly due to an increase in working days following the shift in the Chuseok holiday period.

Imports in October rose 36.0% to $72.78 billion. Energy imports ($16.49 billion) increased 63.1%, while non-energy imports ($56.29 billion) rose 29.7%. Although the volume of crude oil imports declined 6.3%, a sharp 62.0% rise in unit prices drove the import value up 51.9% to $10.7 billion. Among non-energy imports, purchases of semiconductor equipment ($2.52 billion, up 49.2%) and automobiles ($1.46 billion, up 38.5%) increased.

The trade surplus in October came to $42.50 billion, up $36.50 billion from a year earlier, marking the second consecutive month above $40 billion. The cumulative trade surplus from January through October reached $294.9 billion, an increase of $239.1 billion from the same period last year.

"Many small and medium-sized companies are still struggling with uncertainty in the global trade environment, including the rise of protectionist policies in major countries, the restructuring of global supply chains and geopolitical instability in the Middle East," said Kim Jung-kwan, Minister of Trade, Industry and Energy. "The government will strengthen trade cooperation with major countries to minimize the uncertainty facing our companies, while actively addressing export-related difficulties at home and abroad. We will bring all available policy resources to bear so that small and medium-sized companies can also broadly share in the benefits of export growth."

This content was produced with the assistance of AI translation services.