October Exports 'Record High'... 13 Consecutive Months of Growth (Update)

Ministry of Industry, Export and Import Trends in October 2024

Exports in October set a new 'all-time high,' continuing an increase for 13 consecutive months.

According to the Ministry of Trade, Industry and Energy on the 1st, export value in October reached $57.52 billion, up 4.6% compared to the same month last year. Marking the highest performance in October, it renewed the monthly record for three consecutive months since August this year, showing a positive trend for 13 consecutive months.

In October, exports of 10 out of the 15 major export items increased. Semiconductor exports, Korea's largest export item, reached $12.5 billion (40.3%), marking the highest October performance in six years and continuing an increase for 12 consecutive months. The previous highest record was $11.6 billion in October 2018. Computer exports also rose 54.1% to $1 billion for 10 consecutive months, and wireless communication devices increased 19.7% to $2 billion for eight consecutive months.

Cargo containers are stacked at Pyeongtaek Port as seen from the air. [Aerial shooting cooperation=Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seung-ho - Lieutenant Park Ji-hwan, Crew: Lieutenant Park Sang-jin] Photo by Kang Jin-hyung aymsdream@

Automobile exports, the second-largest export item, recorded $6.2 billion, up 5.5% from the same month last year. This is the highest October record, renewing the monthly maximum export performance for two consecutive months. Auto parts exports also increased 5.9% to $1.9 billion, turning positive after three months. Biohealth exports rose 18.5% to $1.2 billion, marking an increase for four consecutive months.

Steel exports increased 8.8% to $2.9 billion, breaking an eight-month decline since February and turning to an upward trend after nine months. Additionally, petrochemicals ($4 billion, 10.2%) recorded a positive growth after two months, and textiles ($900 million, 2.5%) and home appliances ($700 million, 5.0%) showed positive growth after three months.

On the other hand, petroleum product exports fell 34.9% to $3.4 billion due to a decline in product prices linked to crude oil prices.

By region, exports increased in five out of nine major markets. Exports to China reached $12.2 billion (10.9%), the highest in 25 months since September 2022 ($13.3 billion), continuing an eight-month increase, driven by significant growth in semiconductor and petrochemical exports, the top two export items. Exports to the United States recorded $10.4 billion (3.4%), the highest October performance ever, renewing the monthly maximum export record for 15 consecutive months. Exports to the European Union (EU) reached $5.3 billion (5.7%), maintaining a positive trend for three consecutive months, supported by strong wireless communication device and biohealth exports.

Imports in October amounted to $54.35 billion, up 1.7%. Gas imports increased by 30.2%, but crude oil imports decreased by 17.9% due to falling oil prices, resulting in a 6.7% decline in total energy imports to $11.2 billion. Non-energy imports rose 4.1% to $43.2 billion, mainly driven by semiconductors (19.0%) and semiconductor equipment (52.2%).

The trade balance recorded a surplus of $3.17 billion, up $1.62 billion from the same month last year, continuing a surplus for 17 consecutive months. The cumulative trade surplus from January to October this year reached $39.9 billion, the largest surplus since 2018 ($60.8 billion).

Minister of Trade, Industry and Energy Ahn Deok-geun said, "Korea's two major export items, semiconductors and automobiles, set new October records, and overall exports have recorded the highest monthly performance for three consecutive months, showing a steady upward trend. However, with risk factors such as the Middle East crisis and the Russia-Ukraine war, it is difficult to predict when these will end, and uncertainties in the external trade environment remain after the U.S. presidential election, so careful monitoring is necessary."