South Korea exports jump 93.7% as AI chip demand puts $1 trillion year in reach
South Korean exports rose 93.7% in October from a year earlier to $115.28 billion, the sharpest jump since January 1974, as global spending on artificial intelligence drove demand for the country's semiconductors, the trade ministry said.
Semiconductor shipments climbed 259.4% to $56.44 billion, the ministry said, with prices and volumes held high by continued facility investment from global big tech firms competing for AI leadership. Computer sales rose 496.6% on server demand for AI services. Shipments to the US grew 185.8%, to China 133.6%, to Southeast Asia 128.0% and to Europe 56.4%.
The gain also reflected more working days than a year earlier because of the timing of the Chuseok holidays, and exceeded September's 83.7% rise. Imports rose 36.0% to $72.78 billion, the biggest annual increase since January 2022, on higher crude oil prices and demand for chipmaking equipment and automobiles, leaving a monthly trade surplus of $42.50 billion, down from a record $49.97 billion in September.
Trade minister Kim Jung-kwan said exports above $110 billion in October made it "certain that annual exports of $1 trillion will be reached within November". Exports for January to October totalled $930 billion; crossing $1 trillion would make South Korea the fourth country to do so, after the US, China and Germany.
The figures follow faster-than-expected third-quarter growth for Asia's fourth-largest economy, helped by semiconductor exports and investment, with chipmakers Samsung Electronics and SK Hynix posting surging profits.
