South Korea's exports grew 3.6 percent in October, marking five straight months of gains, driven by robust semiconductor demand despite a dip in U.S. shipments. The country recorded a trade surplus of $6.06 billion as imports fell 1.5 percent. Government data highlights strong performances in chips and ships.
South Korea's outbound shipments reached $59.57 billion in October, up 3.6 percent from a year earlier, extending a five-month growth streak since June, according to data from the Ministry of Trade, Industry and Resources released on November 1. Imports fell 1.5 percent to $53.52 billion, yielding a trade surplus of $6.06 billion.
Semiconductor exports surged 25.4 percent to $15.73 billion, the highest for any October, fueled by rising memory prices amid demand for high-value chips like high-bandwidth memory and DDR5; this marks the eighth straight month of gains. Ship exports, including offshore plants, soared 131.2 percent to $4.69 billion, also up for eight months. Petroleum products rose 12.7 percent to $3.83 billion, and computers increased 1.7 percent to $980 million.
Exports of automobiles declined 10.5 percent to $5.55 billion, secondary batteries dropped 14 percent to $540 million, and steel shrank 21.5 percent to $2.25 billion, attributed to fewer working days due to the extended Chuseok holiday. Shipments to the U.S. fell 16.2 percent to $8.71 billion, hit by tariffs on autos, parts, and steel. Exports to China contracted 5.1 percent to $11.55 billion, ASEAN eased 6.5 percent to $9.4 billion, the European Union dipped 2 percent to $5.19 billion, and India slipped 1.2 percent to $1.49 billion.
In contrast, exports to Latin America jumped 99 percent to a record $4.71 billion, driven by offshore plants. Shipments to the Commonwealth of Independent States (CIS), including Russia, gained 34.4 percent to $1.34 billion for the eighth month. Taiwan saw a 46 percent rise to $5.15 billion, the highest October figure, supported by semiconductor demand.
Industry Minister Kim Jung-kwan stated that exports continued to rise thanks to strong semiconductor and ship sectors, adding that the trade deal with the U.S. reached earlier this week will help clear trade uncertainties. On Wednesday, President Lee Jae Myung and U.S. President Donald Trump finalized details on Seoul's $350 billion investment pledge and auto tariffs during their summit on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju.