SOUTH KOREA – On Thursday, the Bank of Korea released figures showing the country’s monthly exports surged to a record US$115.3 billion in October, up 93.7% from a year earlier, according to the ministry’s data released by Yonhap. Semiconductor sales led the climb, with exports of chips soaring 259% to US$56.4 billion, the ministry’s press release notes. Imports climbed 36% from a year earlier to US$72.78 billion, leaving Korea with a trade surplus of US$42.5 billion, the data shows.
Drivers of the Surge
The Bank of Korea added that the export growth outpaced every forecast, with a 18% increase in overall exports compared to the same month a year ago, highlighting the nation’s robust position amid global supply‑chain pressures. Semiconductor exports accounted for roughly one‑third of the total export value, with memory chips contributing the largest share, the bank said. Other segments, including automotive parts and consumer electronics, also contributed to the uptick, though in smaller shares than the chip sector, the bank indicated.
