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

Ministry of Industry Announces Export-Import Trends
October $57.52 Billion... 4.6% Increase YoY
Andeokgeun "Full Effort to Achieve Record High Performance This Year"

Exports last month exceeded $57.5 billion, setting a record for the highest performance in October. The export growth trend, which began in October last year, continued for 13 consecutive months. The government has pledged to make every effort to achieve the highest annual export record this year.

According to the Ministry of Trade, Industry and Energy on the 1st, October exports amounted to $57.52 billion, a 4.6% increase compared to the same month last year. This is the highest October performance on record. Since August this year, monthly records have been broken for three consecutive months, showing a positive trend for 13 consecutive months.

Minister An Deok-geun of the Ministry of Trade, Industry and Energy said, "Korea's two major export items, semiconductors and automobiles, achieved record-high export figures for October, and overall exports have recorded the highest monthly performance for three consecutive months, maintaining a steady growth trend. We will focus all available resources on expanding exports as a public-private one team to ensure that the export boom continues until the end of the year and leads to the highest annual export performance ever."

The strong export performance in October was driven by Korea's key items, semiconductors and automobiles. Among the 15 major export items, exports of 10 items increased. Semiconductor exports reached $12.5 billion (40.3%), continuing the growth trend for 12 consecutive months. Surpassing the previous highest record of $11.6 billion (October 2018), it set a new record for the highest October performance in six years. Computer exports also increased by 54.1% to $1 billion, marking 10 consecutive months of growth, and wireless communication devices rose 19.7% to $2 billion, increasing for the eighth consecutive month.

Automobile exports, the second largest export item, recorded $6.2 billion, a 5.5% increase compared to the same month last year. This is the highest October record, breaking the monthly export record for two consecutive months. Automobile parts exports also increased by 5.9% to $1.9 billion, turning positive after three months. Biohealth exports increased by 18.5% to $1.2 billion, marking four consecutive months of growth.

Steel exports rose 8.8% to $2.9 billion, ending an eight-month decline since February and turning to an increase after nine months. Petrochemicals ($4 billion, 10.2%) recorded positive growth after two months, and textiles ($900 million, 2.5%) and home appliances ($700 million, 5.0%) also recorded 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 oil prices. Last month, Dubai crude oil prices dropped 16.5% compared to the previous year.

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 growth trend, driven by significant increases in semiconductor and petrochemical exports, Korea's first and second largest export items. Exports to the United States recorded $10.4 billion (3.4%), the highest October performance ever, breaking monthly records 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 exports of wireless communication devices and biohealth products.

Cargo is stacked on a container ship docked at Busan Port. Photo by Kang Jin-hyung aymsdream@

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

The trade balance recorded a surplus of $3.17 billion, an increase of $1.62 billion compared to the same month last year, marking 17 consecutive months of surplus. The cumulative trade surplus from January to October this year was $39.9 billion, the largest surplus since the same period in 2018 ($60.8 billion).

The government has set an export target of $700 billion for this year. The cumulative export amount from January to October this year was $566.2 billion, a 9.1% increase compared to last year. To achieve the target, exports worth $133.8 billion must be made in November and December.

Minister An said, "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, requiring careful monitoring. The Ministry of Trade, Industry and Energy is thoroughly analyzing the impact on various sectors including industry, trade, and energy for all foreseeable scenarios, and is actively working with major industries, economic organizations, and experts in a public-private joint effort to develop response strategies to maximize Korea's national interests and industry benefits."