Seoul: South Korea’s exports recorded a surprising increase in October, supported by strong global demand for semiconductors and ships. The country’s export value rose by 3.6 percent compared to last year, reaching 59.57 billion dollars, outperforming market expectations of a slight decline.
According to the trade ministry, semiconductor exports jumped by 25.4 percent, continuing their strong growth as the demand for high-capacity memory chips such as HBM and DDR5 remained strong across global markets. Ship exports saw an even larger rise of more than 130 percent, reflecting a recovery in global demand for large vessels.
Petrochemical exports also improved, rising by 12.7 percent, while imports fell by 1.5 percent to 53.52 billion dollars. This led to a trade surplus of 6.06 billion dollars for the month, though it was lower than the 9.53 billion dollars surplus recorded in September.
Officials said the positive trend was mainly driven by the technology and shipbuilding sectors, which helped offset slower performance in other industries. Analysts believe the ongoing boom in artificial intelligence and data centers has pushed up the demand for advanced memory chips, helping South Korea’s exports stay resilient.
The recent trade easing between the United States and China has also benefited South Korea, which counts both as its major trading partners. The reduction of some tariffs and improving trade sentiment have given a boost to exporters.
However, economists cautioned that the country’s export growth remains heavily dependent on semiconductors and shipping. Other sectors, including automobiles and batteries, continue to face challenges from global competition and price pressures.
They also warned that external risks such as geopolitical tensions, new tariff rules, and possible slowdowns in major economies could affect South Korea’s trade momentum in the coming months.
Despite these uncertainties, South Korea’s October results are being seen as a positive sign for the economy. The government expects continued export strength in the semiconductor industry, which could help maintain steady growth through the end of the year.