Cumulative Exports Top $900 Billion... Lee: "I'm Moved; We'll Expand Economic Frontiers Further"

"It feels like only yesterday that we were celebrating $10 billion in exports"
Thanks businesspeople and workers on the production lines
Annual exports of $1 trillion within reach

President Lee Jae-myung expressed his gratitude to businesspeople and workers after the country's cumulative exports surpassed $900 billion for the first time, saying, "It feels like only yesterday that we were celebrating exports of $10 billion." He also voiced the government's commitment to actively supporting Korean companies' expansion into overseas markets through pragmatic diplomacy focused on national interests.

President Lee Jaemyung visited Cheongsong and Yeongyang on the 31st of last month, meeting with local small-business owners and emphasizing the virtuous cycle of the basic income program for rural and fishing communities. He spoke with residents about boosting the local economy through spending, saying, “You need to spend as much as you receive so that money keeps circulating and the local economy can thrive.”

President Lee made the remarks after sharing on X (formerly Twitter) an article reporting that South Korea's exports had surpassed $900 billion for the first time this year.

"Thank you to all the businesspeople and workers on the production lines for your hard work," he said. "The government will work harder through pragmatic diplomacy focused on national interests to expand the economic frontiers where you can do business." He added, "Let us all work together to plant and nurture K around the world." The post also included the hashtags "Long Live the Great Korean People" and "Long Live the Great Republic of Korea." The " $10 billion in exports" President Lee referred to was a historic milestone South Korea first reached in December 1977.

According to the "October 2026 Import and Export Trends" released by the Ministry of Trade, Industry and Energy on November 1, cumulative exports from January to October this year totaled $930 billion, up 60.6% from the same period last year. This was the first time cumulative exports had exceeded $900 billion.

Exports last month totaled $115.28 billion, up 93.7% from the same month a year earlier. This was the second-highest monthly figure on record, following the record set in September. South Korea also posted a trade surplus of $42.5 billion in October.

Semiconductors led the export boom. Semiconductor exports in October reached $56.44 billion, surging 259.4% from a year earlier. The increase was driven by rising global demand for semiconductors amid the growth of the artificial intelligence (AI) industry. Other key export items, including automobiles and computers, also posted growth.

As a result, South Korea's first-ever annual exports of $1 trillion are now within reach. With cumulative exports reaching $930 billion this year, only about $70 billion remains to reach the $1 trillion mark. The government believes exports could surpass $1 trillion in November, given their recent growth.

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