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South Korea’s exports unexpectedly climbed in October, boosted by robust global demand for semiconductors and ships, signaling resilience in the country’s trade sector despite ongoing global uncertainties. According to government data released on Saturday, exports rose 3.6% year-on-year to $59.57 billion, defying expectations of a 0.2% decline from a Reuters poll of economists.
The standout performer was the semiconductor industry, which saw a 25.4% surge in exports compared to the previous year. This growth was driven by high demand for advanced memory chips like server-focused HBM and DDR5, leading to notable price increases. The Ministry of Trade attributed the momentum to expanding markets for high-value-added chips amid accelerating digital transformation worldwide.
Meanwhile, ship exports skyrocketed 131.2%, fueled by strong orders for large vessels, and petrochemical exportsincreased 12.7% from a year earlier. Analysts say these gains highlight South Korea’s strength in high-tech and industrial manufacturing sectors.
Experts suggest that export performance could continue to improve through the fourth quarter as global trade conditions stabilize. The U.S. and South Korea’s recently finalized trade deal, which reinstated 15% tariffs on autos and parts, and a breakthrough meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Busan, have eased uncertainties in Seoul’s two largest trading markets.
Economist Park Sang-hyun of iM Securities noted that “export conditions remain robust, supported by surging semiconductor prices and steady daily shipment averages.”
Imports, however, slipped 1.5% to $53.52 billion, bringing the nation’s trade surplus to $6.06 billion in October, down from $9.53 billion in September.
With semiconductor demand rising and trade tensions easing, South Korea’s export outlook remains optimistic heading into the final months of the year.
