South Korea exported a record $61.6 billion from Oct. 1 through 20, up 105.4% on an unadjusted basis, Korea Customs Service data showed, ahead of the Bank of Korea’s Oct. 22 rate decision.
After accounting for working days, export growth was 65.9%; there were 13 working days in this year’s period, compared with 10.5 in the comparable 2025 period. Chuseok fell in September this year and October last year, so the two periods had different holiday schedules. The adjusted increase was below the 89.8% rise in daily exports recorded for the first 20 days of September.
Semiconductors were the largest contributor. Exports in the category reached $27.5 billion, up 222.5% from a year earlier and equal to 44.7% of all shipments. Automobile exports climbed almost 41%, while petroleum product exports grew 68.3%.
Imports totaled $47.1 billion, a 42.8% annual increase, leaving a $14.5 billion trade surplus. October’s cumulative export total exceeded the previous high for the same calendar window, set in 2021, the customs service said.
The trade figures arrive as policymakers assess how export strength is affecting the wider economy. In an August statement, the Bank of Korea cited strong exports and investment while saying their effect on domestic demand remained uncertain.
The bank’s benchmark rate stands at 3% after increases in July and August; the August move was 0.25 percentage point. The Ministry of Data and Statistics reported annual inflation of 2.9% in September, down from 3.1% in August. Core inflation, which excludes food and energy, was 2.8%. The Bank of Korea is scheduled to announce its next decision Oct. 22.
