Cumulative Exports Top $930 Billion Through October... "$1 Trillion Expected Next Month" (Comprehensive)

October exports top $115.3 billion...exceed $110 billion for second consecutive month
K-food and K-beauty set October records
Semiconductor exports hit $56.4 billion, up 259%

October exports totaled $115.3 billion, exceeding $110 billion for the second consecutive month. Semiconductors once again drove export growth. Exports of semiconductors reached $56.4 billion in October alone, accounting for nearly half of total exports. With semiconductor exports performing strongly, total exports topped $930 billion through October. The government expects exports to reach $1 trillion next month.

According to the Ministry of Trade, Industry and Energy on November 1, October exports rose 93.7% year on year to $115.3 billion.

◆Semiconductor exports hit $56.4 billion, accounting for 49% of total exports= In October, exports increased in 18 of the 20 major export items. Semiconductor exports, at $56.44 billion, up 259.4%, reached a record high for the month of October. As global tech giants continued investing in facilities to secure a leading position in the artificial intelligence (AI) industry, high prices and export volumes were sustained, with exports topping $50 billion for the second consecutive month. Semiconductors accounted for 48.9% of total exports.

Computer exports, at $5.85 billion, up 496.6%, continued to perform strongly as investment in server infrastructure expanded amid the spread of AI services and demand for server SSDs increased. Wireless communications device exports, at $1.95 billion, up 6.7%, also posted a year-on-year increase for the 12th consecutive month, buoyed by the launch of Apple's new products and strong smartphone sales by Samsung.

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

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

Steel exports, at $2.29 billion, up 22.3%, continued to grow, driven in part by higher export prices as global steel prices rose despite tighter import restrictions in major countries. Exports of electrical equipment, at $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.

Cosmetics, agricultural and fisheries products, and biohealth products all set October records. Cosmetics exports, at $1.44 billion, up 57.5%, grew broadly in China and the European Union (EU), as well as the United States. Agricultural and fisheries exports, at $1.11 billion, up 11.6%, also performed well in items including noodles, beverages and sauces. Biohealth exports, at $1.53 billion, up 30.2%, recorded strong growth as exports continued to increase, supported by diversification of export markets and multiyear contract manufacturing organization (CMO) agreements.

◆Exports to China and the United States perform strongly; surge in exports drives $42.5 billion surplus= In October, exports increased to seven of the nine major export destinations. Exports to China, at $26.98 billion, up 133.6%, exceeded $20 billion for the fifth consecutive month, as the top export items by value, including semiconductors, petrochemicals, wireless communications devices and general machinery, all performed strongly.

Exports to the United States, at $24.90 billion, up 185.8%, increased, with AI-related items such as semiconductors, computers and electrical equipment performing well, alongside automobiles and steel. Exports to ASEAN, at $21.33 billion, up 128.0%, topped $20 billion for the second consecutive month, with major items including semiconductors, displays and petroleum products all performing strongly. Exports to the EU, at $8.10 billion, up 56.4%, also continued their growth streak for the 11th consecutive month, with a range of items including automobiles, semiconductors and general machinery performing well. Exports to the Middle East, at $1.67 billion, up 11.0%, rose slightly as exports of items such as automobiles, petrochemicals and electrical equipment improved, partly due to an increase in working days following the shift in the Chuseok holiday period, despite difficulties navigating the Strait of Hormuz.

October imports rose 36.0% to $72.78 billion. Energy imports increased 63.1% to $16.49 billion, while non-energy imports rose 29.7% to $56.29 billion. Although the volume of crude oil imports fell 6.3%, the unit price climbed 62.0%, pushing the value of imports up 51.9% to $10.7 billion. Non-energy imports increased for items such as semiconductor equipment, at $2.52 billion, up 49.2%, and automobiles, at $1.46 billion, up 38.5%.

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

The government expects South Korean exports to surpass $1 trillion in November. Cumulative exports from January through October reached $930 billion, exceeding $900 billion for the first time. "Our exports continued their solid growth in October, topping $110 billion, making it highly likely that annual exports will reach $1 trillion in November," said Kim Jung-kwan, Minister of Trade, Industry and Energy. "This is the result of growing demand for advanced industries, including semiconductors, driven by the expansion of the AI industry, as well as the efforts of our companies, which are demonstrating their competitiveness in global markets despite challenging external conditions."

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