THE ESSENTIALS IN 30 SECONDS

  • October exports rose 93.7% year on year to $115.28 billion; chip exports climbed 259.4% to $56.44 billion.
  • Computer exports, driven by AI servers and server SSDs, rose 496.6%; the working-day-adjusted daily average was up 76%.
  • January–October exports reached $930 billion, and the trade minister expects the $1 trillion mark to be crossed in November.

South Korea's exports almost doubled in October, according to preliminary figures released by the trade ministry on Sunday, November 1. Outbound shipments reached $115.28 billion, up 93.7% from a year earlier, slightly above the 93.2% median forecast in a Reuters poll of economists. Reuters described it as the steepest rise in more than half a century, ahead of September's 83.7% gain.

Chips carry the month

Semiconductors did most of the work. Chip exports rose 259.4% to $56.44 billion, roughly 49% of the total, and stayed above $50 billion for a second month. The ministry tied the jump to both higher prices and larger volumes as big technology companies keep investing in AI facilities. Computer exports, mostly servers and server SSDs used for AI services, rose 496.6% to $5.85 billion, according to Seoul Economic Daily.

The effect reached other sectors linked to data centres: transformers, wires and cables brought in a record $1.99 billion, up 74%. Shipments to the United States rose 185.8% and those to China 133.6%.

Reading the numbers with care

The headline growth rate is flattered by the calendar. October had more working days than a year earlier because of the timing of the Chuseok holiday; on a daily-average basis, exports were up 76%. Gains in petroleum products and petrochemicals came from higher prices while volumes fell, and the figures remain preliminary.

Imports rose 36% to $72.78 billion, leaving a monthly surplus of $42.5 billion, below September's record.

A trillion-dollar year in sight

Exports for January to October totalled $930 billion. Trade Minister Kim Jung-kwan said reaching $1 trillion within November is becoming certain. According to Reuters, that would make South Korea only the fourth country to pass the mark in a single year, after the United States, China and Germany.

The data underline how tightly the Korean economy is now tied to AI infrastructure spending by a small group of buyers. Samsung Electronics and SK hynix have reported surging profits, but the dependence also exposes the country to any slowdown in data-centre investment.