South Korea's Exports Nearly Double in October, Putting $1 Trillion Annual Record in Sight

South Korea's trade ministry reported on November 1 that October exports jumped 93.7 percent year-on-year to $115.28 billion, the sharpest monthly rise in more than 50 years and the second-highest monthly export total ever recorded. The surge was driven overwhelmingly by semiconductors, which leapt 259.4 percent to $56.44 billion and accounted for nearly 49 percent of total exports, as global technology companies racing to build AI infrastructure scooped up memory and logic chips. Computer sales skyrocketed 496.6 percent on soaring server demand. Exports to the United States grew 185.8 percent, to China 133.6 percent, and to Southeast Asia 128 percent. Imports rose 36 percent to $72.78 billion, leaving a monthly trade surplus of $42.50 billion. Cumulative exports for January through October reached $930 billion, meaning South Korea needs roughly $70 billion more in the remaining two months to cross the $1 trillion annual threshold — a milestone the trade minister said is now certain to be reached in November. If achieved, South Korea would join the United States, China and Germany as the only countries ever to surpass $1 trillion in annual goods exports.