▲ Import and export cargo is piled high at the Sinseondae Pier in Busan Port.
South Korea's exports in October reached USD 115.3 billion, pushing cumulative exports for the year past USD 900 billion for the first time in history.
With only USD 70 billion remaining to reach the USD 1 trillion annual export mark, South Korea is expected to achieve this milestone within this month, becoming the fourth country in the world to do so, following the United States, China, and Germany.
The Ministry of Trade, Industry and Energy announced today (Nov. 1) that October exports rose 93.7% from the same period last year to USD 115.28 billion.
Following September (USD 121.1 billion), this marks the second-highest monthly export figure on record.
Average daily exports, factoring in the number of working days, increased by 76.0% to USD 5.24 billion, surpassing USD 5 billion for the second consecutive month.
As a result, cumulative exports from January to October this year reached USD 930 billion, crossing the USD 900 billion threshold for the first time ever.
South Korea's exports first surpassed USD 100 billion in 1995, followed by milestones of USD 200 billion in 2004, USD 300 billion in 2006, USD 400 billion in 2008, USD 500 billion in 2011, and USD 600 billion in 2018.
After hitting a record-high USD 709.3 billion last year to reach the USD 700 billion mark for the first time, the nation's exports have successively broken through the USD 800 billion and USD 900 billion barriers this year.
The Ministry of Trade, Industry and Energy projected that if the current trend continues, South Korea will achieve the unprecedented feat of USD 1 trillion in annual exports within this month.
Once again, semiconductors led October's exports.
Semiconductor exports last month surged 259.4% year-on-year to USD 56.44 billion.
This is the second-largest monthly export figure on record, following September (USD 60.3 billion).
The strong performance was driven by sustained high semiconductor prices and robust shipment volumes, fueled by continuous facility investments from global big tech companies aiming to secure leadership in the artificial intelligence (AI) industry.
In addition to semiconductors, exports increased in 18 out of the country's top 20 export items.
Computer exports jumped 496.6% to USD 5.85 billion.
This growth is attributed to expanded server infrastructure investments and rising demand for server solid-state drives (SSDs) driven by the proliferation of AI services.
Automobile exports rose 18.1% to reach USD 6.55 billion.
This broke the record for the highest October performance ever, driven by an increase in working days due to the shifting timing of the Chuseok holiday (from October 2025 to September 2026) and strong exports of hybrid vehicles.
Petroleum products and petrochemicals recorded USD 6.92 billion and USD 4 billion, marking increases of 80.0% and 27.5%, respectively.
This was due to rising unit sales prices for petroleum and petrochemical products amid persistent high oil prices driven by the prolonged conflict in the Middle East.
However, export volumes for petroleum products and petrochemicals decreased by 7.5% and 6.8%, respectively.
Cosmetics, agricultural and fishery food, and bio-health all recorded their highest-ever figures for the month of October.
Cosmetics rose 57.5% to USD 1.44 billion, agricultural and fishery food increased 11.6% to USD 1.11 billion, and bio-health grew 30.2% to USD 1.53 billion.
Conversely, ships (USD 2.64 billion, down 43.6%) experienced a temporary decline due to a base effect from offshore plant exports recorded last year.
By region, exports increased in seven out of the nine major markets.
Exports to China surged 133.6% to USD 26.98 billion, bolstered by strong performances in semiconductors and petrochemicals, marking the fifth consecutive month exceeding USD 20 billion.
Exports to the United States also reached USD 24.9 billion, a 185.8% increase driven by explosive demand for AI-related items.
Exports to ASEAN jumped 128.0% to USD 21.33 billion, maintaining a level above USD 20 billion for the second consecutive month.
Exports to the European Union (EU) (USD 8.1 billion, up 56.4%) continued an 11-month positive streak, supported by strong performances across multiple sectors including automobiles, semiconductors, and general machinery.
Exports to the Middle East (USD 1.67 billion, up 11.0%) saw a slight increase as the export of items such as automobiles, petrochemicals, and electrical equipment improved due to an increase in working days resulting from the holiday shift, despite navigation difficulties in the Strait of Hormuz.
Imports last month increased by 36.0% to USD 72.78 billion.
Energy imports rose 63.1% to USD 16.49 billion, while non-energy imports also grew 29.7% to USD 56.29 billion.
The trade balance, calculated by subtracting imports from exports, showed a surplus of USD 42.5 billion last month.
This marks the second straight month exceeding USD 40 billion.
The cumulative trade surplus from January to October this year reached USD 294.9 billion, an increase of USD 239.1 billion compared to the same period last year.
Minister of Trade, Industry and Energy Kim Jung-kwan stated, "With our exports maintaining a robust upward trend of over USD 110 billion in October as well, achieving USD 1 trillion in annual exports within November is virtually certain." He added, "The government will concentrate all policy capabilities on strengthening trade cooperation with major economies so that small and medium-sized enterprises can also widely share the fruits of export growth."
(Photo: Yonhap News)
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