Korea’s exports hit US$115.3 billion in October

The Republic of Korea’s exports jumped 93.7 percent to a record US$115.3 billion in October from a year earlier, driven largely by a sharp increase in semiconductor shipments, data showed Sunday.

Strong global demand for semiconductors, coupled with continued investments by major technology companies in artificial intelligence (AI) infrastructure, boosted overall exports, the Ministry of Trade, Industry and Resources said.

According to Yonhap News Agency, imports rose 36 percent from a year earlier to US$72.78 billion, resulting in a trade surplus of US$42.5 billion.

Semiconductor exports skyrocketed 259 percent from a year earlier to US$56.4 billion. Exports of petroleum products jumped 80 percent to US$6.92 billion, while those of petrochemical products rose 27.5 percent to US$4 billion.

Cosmetics exports shot up 57.5 percent to US$1.44 billion. Automobile exports gained 18.1 percent to US$6.55 billion, driven by increased overseas demand for gasoline hybrid models.

By destination, exports to China soared 133.6 percent to US$26.98 billion. Exports to China topped US$20 billion for the fifth consecutive month. Shipments to the United States surged 185.8 percent to US$24.9 billion, supported by robust demand for semiconductors, computers and electrical equipment used in AI infrastructure.