Seoul:South Korea's exports soared 93.7 percent to a record $115.3 billion in October compared to the same period last year, primarily due to a significant increase in semiconductor shipments, as revealed by recent data.
According to Yonhap News Agency, the robust global demand for semiconductors, along with ongoing investments by major tech firms in artificial intelligence (AI) infrastructure, played a crucial role in boosting the nation's overall export figures, as stated by the Ministry of Trade, Industry and Resources in a press release.
Imports increased by 36 percent year-on-year to $72.78 billion, resulting in a trade surplus of $42.5 billion. Semiconductor exports, a vital component of South Korea's economy, surged 259 percent from the previous year to reach $56.4 billion. Additionally, exports of petroleum products rose by 80 percent to $6.92 billion, while petrochemical product exports climbed 27.5 percent to $4 billion.
Cosmetics exports experienced a 57.5 percent increase to $1.44 billion, driven by higher demand from China, the United States, and the European Union. Automobile exports also saw an 18.1 percent rise to $6.55 billion, fueled by growing international demand for gasoline hybrid models.
In terms of export destinations, shipments to China increased by 133.6 percent to $26.98 billion, bolstered by strong sales of semiconductors and wireless communications equipment. This marked the fifth consecutive month that exports to China exceeded the $20 billion mark. Exports to the United States surged 185.8 percent to $24.9 billion, supported by high demand for semiconductors, computers, and electrical equipment used in AI infrastructure.