South Korea’s October exports nearly double as chip shipments surge
South Korea exported 115.28 billion dollars of goods in October, up 93.7 per cent from a year earlier, according to preliminary figures. Semiconductor shipments reached 56.44 billion dollars. Growth extended beyond chips, while petroleum products earned more export revenue despite falling shipment volumes. Imports also increased, leaving a monthly trade surplus of 42.5 billion dollars.
Economics & Markets··Midday
Exports pass 110 billion dollars again
South Korea’s October goods exports rose 93.7 per cent from a year earlier to 115.28 billion dollars in preliminary trade figures. Semiconductor exports climbed 259.4 per cent to 56.44 billion dollars, with chips again contributing heavily to the monthly total.[1], [2]
October was the second consecutive month with exports above 110 billion dollars and ranked behind only September. Average daily exports adjusted for working days increased 76 per cent to 5.24 billion dollars. Exports over January–October rose 60.6 per cent to 930 billion dollars.[1]
Growth extends beyond semiconductors
Exports excluding semiconductors grew 34 per cent. Among the twenty leading product categories, eighteen expanded, with ships and household goods the exceptions. Automobile exports increased 18.1 per cent to 6.55 billion dollars, while electrical equipment, including transformers, wires and cables, rose 74 per cent to 1.99 billion dollars.[1]
Petroleum receipts rise as volumes fall
Petroleum-product export receipts increased 80 per cent, although shipment volume fell 7.5 per cent. Petrochemical receipts rose 27.5 per cent with volumes down 6.8 per cent. Imports increased 36 per cent to 72.78 billion dollars, leaving a trade surplus of 42.5 billion dollars.[1]
