Korea’s exports soar 4.6% in Oct. on strong chip, auto demand

(Kim Ho-young)

South Korean exports rose for the 13th straight month in October as demand for mainstay chips and automobiles was strong.

According to data released by the Ministry of Trade, Industry and Energy on Friday, the country’s outbound shipments totaled $57.52 billion in October, up 4.6 percent from the same period a year ago.

Ever since turning positive in October 2023, Korea’s exports have gained for the 13th month in a row.

Among the 15 major export categories, exports of semiconductors continued to grow for the 12th consecutive month, with October exports up 40.3 percent year-on-year to $12.5 billion.

Exports of computer products, including solid state drives (SSDs), also rose 54.1 percent to $1 billion, marking 10 consecutive months of growth.

Exports of wireless communications equipment rose 19.7 percent to $2 billion.

Automotive exports, the second largest export category after semiconductors, rose 5.5 percent on year to a monthly record of $6.2 billion.

Bio-health exports rose 18.5 percent to $1.2 billion, marking a four-month streak of growth. Steel exports also rose 8.8 percent to $2.9 billion in October, ending an eight-month decline since February.

However, exports of petroleum products fell 34.9 percent on year to $3.4 billion due to the impact of crude oil price decline.

By region, exports to the United States and China were strong.

Exports to China increased 10.9 percent on year to $12.2 billion, the steepest growth since September 2022 ($13.3 billion) and the strongest in 25 months.

Exports to the U.S. rose 3.4 percent from a year earlier to $10.4 billion, a record high for October.

Imports rose 1.7 percent to $54.35 billion in October, leading to a trade surplus of $3.17 billion.

Energy imports fell 6.7 percent to $11.2 billion due to a drop in crude oil prices, while non-energy imports, led by semiconductors and semiconductor equipment, rose 4.1 percent to $43.2 billion.