South Korea's cumulative exports from January to October have surpassed $900 billion for the first time in history.
Following September, October exports continued a strong boom by exceeding $110 billion once again, making it all but certain that annual exports will reach the $1 trillion milestone within November.
The Ministry of Trade, Industry and Energy announced that exports for October reached $115.28 billion, an increase of 93.7% compared to the same period last year.
Following $121.1 billion in September, exports exceeded $110 billion for two consecutive months.
Driven by this trend, cumulative exports from January to October reached $930 billion, breaking the $900 billion mark for the first time ever.
The Ministry of Trade, Industry and Energy projected that if the current momentum is maintained, the milestone of $1 trillion in annual exports will be achieved sometime in November.
Semiconductor exports last month reached $56.44 billion, surging 259.4% compared to October of last year and recording over $50 billion for the second consecutive month.
Among the top 20 major export items, exports increased in 18 categories, while by region, exports grew in 7 out of 9 regions.
Imports for October were tallied at $72.78 billion, up 36.0%, and the trade balance recorded a surplus of $42.5 billion, exceeding $40 billion for the second consecutive month.
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