Archive: Container cranes at the Port of Busan, South Korea, March 2006. Photo: Niels Johannes via Wikimedia Commons, CC BY-SA 4.0; cropped.
South Korea’s exports nearly doubled in October from a year earlier, powered by an unprecedented surge in semiconductor shipments as the world’s largest technology companies pour money into artificial intelligence infrastructure.
Exports rose 93.7% from a year earlier to $115.28 billion, the Ministry of Trade, Industry and Resources said in data released Sunday. It was the second-highest monthly total on record, behind only September’s $121.1 billion, and the second consecutive month above $110 billion.
Semiconductor exports jumped 259% to $56.44 billion. The ministry attributed the surge to sustained capital investment by global tech giants seeking to secure their positions in the AI industry. Computer exports soared 497% to $5.9 billion on demand for servers and the solid-state drives that run in AI data centers, while electrical-equipment exports set an all-time monthly record on demand for transformers, electric wire and cable for AI data centers.
The growth figures also reflect prices and the number of working days, not just shipment volumes. Adjusted for the number of working days, average daily exports rose 76% to $5.24 billion – still the second straight month above $5 billion a day.
Eighteen of Korea’s 20 leading export items grew in October. Automobile exports rose 18%, display panels 29% and wireless communications devices 7%. Shipbuilding was a notable decliner, falling 44%.
Imports climbed 36% to $72.78 billion, including a 63.1% jump in energy imports to $16.49 billion. That left a trade surplus of $42.50 billion, the second consecutive month above $40 billion.
Cumulative exports for January through October reached $930 billion, up 60.6% and the first time the country has passed $900 billion for the period. That leaves South Korea roughly $70 billion short of $1 trillion in annual exports for the first time, a milestone the ministry said is expected to be reached in November.
JBizNews Desk | Seoul
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