Cumulative Exports Hit $930 Billion... Kim Jungkwan: "Demand for Advanced Industries, Including Semiconductors, Is Growing"

October Exports Hit $115.3 Billion... Exceed $110 Billion for Second Straight Month
Kim Jung-kwan: "Annual Exports Set to Reach $1 Trillion in November"

Exports from January to October this year reached $930 billion, surpassing $900 billion for the first time ever. In October alone, semiconductor exports totaled $56.4 billion, accounting for 49% of the total. The increase was driven by growing demand for advanced industries, including South Korea's semiconductor industry, amid the expansion of the artificial intelligence industry.

On November 1, the Ministry of Trade, Industry and Energy said exports in October rose 93.7% to $115.3 billion, exceeding $110 billion for the second consecutive month.

Minister of Trade, Industry and Energy Kim Jeong Kwan said, "With our exports maintaining solid growth above $110 billion in October, the achievement of $1 trillion in annual exports is now all but certain in November. This is the result of growing demand for advanced industries such as semiconductors as the AI industry expands, as well as the efforts of our companies, which are demonstrating their competitiveness in global markets despite difficult external conditions."

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, sustaining high prices and shipment volumes. Computer exports ($5.85 billion, up 496.6%) also remained strong, driven by increased investment in server infrastructure amid the spread of AI services and rising demand for server SSDs. Wireless communications device exports ($1.95 billion, up 6.7%) also posted growth for the 12th consecutive month, supported by Apple's launch of new products and strong smartphone sales by Samsung.

Cosmetics, agricultural and fisheries products, and biohealth all set October records. Cosmetics exports ($1.44 billion, up 57.5%) rose across markets including China and the European Union (EU), led by the United States. Agricultural and fisheries product exports ($1.11 billion, up 11.6%) also performed well, with items such as noodles, beverages, and sauces posting strong results. Biohealth exports ($1.53 billion, up 30.2%) recorded a high growth rate as export volumes continued to increase, supported by diversification of export destinations and multiyear contract manufacturing organization (CMO) agreements.

The trade balance posted a surplus of $42.50 billion in October, up $36.50 billion from a year earlier, as exports grew more than imports. The surplus exceeded $40 billion for the second consecutive month. The cumulative trade surplus from January to October reached $294.9 billion, an increase of $239.1 billion from the same period last year.

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