October Exports Rise 3.6% to $59.57 Billion
Exports Grow for Fifth Consecutive Month
Semiconductor Exports Hit All-Time High for October
Despite a reduced number of working days due to the Chuseok holiday last month, exports reached an all-time high. Strong performances in semiconductor and ship exports drove the overall increase in exports.
According to the Ministry of Trade, Industry and Energy on November 1, export value in October was tallied at 59.57 billion dollars, up 3.6% from the same month last year.
An official from the Ministry explained, "Despite the number of working days in October being only 20-two days fewer than last year due to the Chuseok holiday-exports achieved the highest result ever recorded for October, marking five consecutive months of growth since June. Average daily exports also rose by 14.0% to 2.98 billion dollars, setting a new all-time high for any period."
In October, exports increased for four out of the top fifteen major export items. Semiconductor exports rose by 25.4% to 15.73 billion dollars. Robust demand for high-capacity, high-value memory such as server-centric high-bandwidth memory (HBM) and double data rate (DDR) 5 led to an increase in fixed memory prices, resulting in eight consecutive months of growth and the highest October figure ever. Computer exports (980 million dollars) also increased by 1.7%, ending a three-month decline and turning positive.
Ship exports, including offshore plants (2.47 billion dollars), reached 4.69 billion dollars, marking a triple-digit growth rate of 131.2% and extending the growth streak to eight consecutive months. Petroleum product exports increased by 12.7% to 3.83 billion dollars, recording growth for the second consecutive month, as export volume rose year-on-year despite stable international product prices.
By region, exports increased in two out of the nine major export regions. Notably, exports to the United States fell by 16.2% to 8.71 billion dollars, the only double-digit decline among the nine regions, as major items such as automobiles, auto parts, steel, and general machinery weakened due to tariff effects.
Exports to China decreased by 5.1% to 11.55 billion dollars, but remained above 11 billion dollars for the second consecutive month. Exports to ASEAN countries fell by 6.5% to 9.4 billion dollars, as most items except semiconductors declined due to fewer working days.
Exports to Central and South America surged by 99.0% to 4.71 billion dollars, driven by large offshore plant shipments, setting a new all-time high for any period. Exports to the Commonwealth of Independent States (CIS) increased by 34.4% to 1.34 billion dollars, marking eight consecutive months of growth.
Imports in October decreased by 1.5% to 53.52 billion dollars. Energy imports (10.14 billion dollars, down 9.0%) declined, while non-energy imports (43.38 billion dollars) increased by 0.4%.
Last month, the trade balance posted a surplus of 6.06 billion dollars, an increase of 2.89 billion dollars. The cumulative surplus from January to October reached 56.43 billion dollars, surpassing last year's total surplus of 51.84 billion dollars.
Minister of Trade, Industry and Energy Kim Jeong-Kwan stated, "On October 29, Korea and the United States reached an agreement on the details of tariff negotiations, ensuring that major Korean export items such as automobiles, semiconductors, and pharmaceuticals will not face disadvantageous tariffs compared to competitors in the U.S. market. The government will make every effort in follow-up procedures so that the Korea-U.S. financial package, which is expected to boost industrial competitiveness including the revival of manufacturing in both countries, can provide new growth opportunities for our companies."
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