Korea’s Exports Jump 93.7% to $115.3bn in October as Chip Sales Rise 259%
South Korea’s exports rose 93.7% from a year earlier to $115.3bn in October, the Ministry of Trade, Industry and Resources said on 1 November, as semiconductor sales more than tripled.
For Korea’s exporters, October shows how far chips now drive the trade account: they supplied 49% of shipments. In The Edge’s reading, the $1 trillion year that the minister calls certain for November needs only $70bn more, well under October’s total, so the open question is whether smaller exporters share in the gains, which the minister himself flags, rather than the milestone itself.
October was the second highest month for exports in the ministry’s ranking, after September. Exports have now topped $110bn in two consecutive months. Part of the jump is calendar: the Chuseok holiday fell in October last year, and average daily exports rose a smaller 76%.
Imports rose 36.0% to $72.8bn. That left a trade surplus of $42.5bn, the second straight month above $40bn. The surplus was $36.5bn larger than a year earlier.
Chips more than triple and supply almost half of exports
Semiconductor exports rose 259.4% to $56.4bn. It was the second month in a row above $50bn, and the ministry links the gain to continued capital spending on AI by global big tech companies, which kept both chip prices and volumes high.
The rest of the export basket also grew, though more slowly. Shipments other than chips came to $58.8bn and rose 34%. Of the 20 main export items the ministry tracks, 18 increased.
DDR5 prices kept climbing. The fixed price of DDR5 memory rose to $50.0 in October, from $48.0 in September. That is 25% above its June level. The NAND chip price was unchanged on the month at $30.6.
Memory chip fixed prices, 2026 (in $)
| Month | DDR5 16Gb | NAND 128Gb |
|---|---|---|
| June | 40.0 | 28.8 |
| July | 45.0 | 30.1 |
| August | 46.5 | 30.5 |
| September | 48.0 | 30.6 |
| October | 50.0 | 30.6 |
Fixed prices as published in the ministry’s monthly trade release.
Computer exports jumped 496.6% to $5.85bn, which the ministry ties to server investment for AI services and demand for server SSDs. Wireless device exports rose 6.7%, a 12th straight monthly gain, on new Apple products and strong Samsung smartphone sales.
October’s exports and trade surplus fell short of September’s levels, which were set out on 1 October, while imports were slightly higher. Chip exports slipped 6.4% on the month from $60.3bn. The ministry now ranks September’s total at $121.1bn, slightly above the $120.94bn it first published.
The Chuseok holiday moved from October last year to September this year, so October 2026 had more working days than a year earlier.
Adjusted for working days, average daily exports rose 76% to $5.24bn. That compares with $5.63bn in September, the ministry’s highest daily average.
Autos, electrical equipment and consumer goods set October highs
Car exports rose 18.1% to $6.55bn, the best October in the ministry’s ranking. The previous best was $6.20bn in October 2024. The ministry credits the extra working days and strong exports of hybrid cars.
Electrical equipment rose 74.0% to $1.99bn, the highest monthly figure the ministry has recorded, on demand for transformers, wires and cables for AI data centres. Steel rose 22.3% to $2.29bn as global steel prices lifted unit values, despite tighter import curbs in major markets.
Cosmetics, agricultural and fisheries food, and bio-health each posted their best October on the ministry’s ranking. Cosmetics jumped 57.5% to $1.44bn. Bio-health rose 30.2% to $1.53bn on multi-year contract manufacturing deals.
Two of the 20 main items fell. Ship exports dropped 43.6% to $2.64bn. The ministry calls the fall temporary, a base effect from a $2.47bn offshore plant shipment last year. Household goods fell 13%.
Oil-linked products rose in value but not in volume. Petroleum product exports climbed 80.0% to $6.92bn. Petrochemicals rose 27.5% to $4.00bn, and the ministry attributes both gains to oil prices staying high on supply uncertainty in the Middle East. Export volumes fell 7.5% for petroleum products and 6.8% for petrochemicals.
Main export items, October 2026
| Item | $bn | Change |
|---|---|---|
| Semiconductors | 56.44 | +259.4% |
| Petroleum products | 6.92 | +80.0% |
| Automobiles | 6.55 | +18.1% |
| Computers | 5.85 | +496.6% |
| Petrochemicals | 4.00 | +27.5% |
| Ships | 2.64 | -43.6% |
| Steel | 2.29 | +22.3% |
| Electrical equipment | 1.99 | +74.0% |
| Wireless devices | 1.95 | +6.7% |
| Bio-health | 1.53 | +30.2% |
| Cosmetics | 1.44 | +57.5% |
| Agri-food and fisheries | 1.11 | +11.6% |
Changes are on October 2025. Items for which the release gives figures to two decimals; it covers 20 main items in all.
Shipments to China and the US more than double
Exports to China rose 133.6% to $26.98bn, with chips, petrochemicals, wireless devices and machinery all strong. It was the fifth straight month above $20bn. Exports to the US jumped 185.8% to $24.90bn on AI-related items, with cars and steel also higher.
Together the two markets took 45% of October’s exports. Shipments to ASEAN rose 128.0% to $21.33bn, narrowly the highest in the ministry’s ranking. Exports to the EU grew 56.4%, an 11th straight monthly rise.
Exports grew in 7 of the 9 main regions. Latin America fell 37% and the CIS 32%.
Exports to the Middle East rose 11.0% to $1.67bn. The region took 1.4% of the total. The ministry describes the gain as small and puts it down to the extra working days, despite difficulties in transiting the Strait of Hormuz.
Cars, petrochemicals and electrical equipment improved in the region. Through 25 October, car exports to the Middle East rose 33% to $260m. In September, exports to the region had fallen 14.1%, as set out on 1 October.
Exports by region, October 2026
| Region | $bn | Change |
|---|---|---|
| China | 27.0 | +134% |
| United States | 24.9 | +186% |
| ASEAN | 21.3 | +128% |
| EU | 8.1 | +56% |
| Japan | 3.2 | +44% |
| Latin America | 3.0 | -37% |
| India | 2.7 | +84% |
| Middle East | 1.7 | +11% |
| CIS | 0.9 | -32% |
| All exports | 115.3 | +94% |
As printed in the ministry’s table of the 9 main regions, rounded; changes are on October 2025.
Energy imports rise 63% as crude unit prices climb 62%
Energy imports rose 63.1% to $16.49bn. Their share of all imports reached 23%. Non-energy imports grew 29.7% to $56.29bn.
Crude oil imports climbed 51.9% to $10.7bn. Unit prices rose 62.0%, outweighing a 6.3% fall in volumes.
The ministry puts Dubai crude at $110.7 a barrel in October, up 70.4% on the year. Among other imports, chipmaking equipment rose 49.2% to $2.52bn. Car imports grew 38.5% to $1.46bn.
September and October compared (in $ billions)
| Measure | September | October |
|---|---|---|
| Exports | 120.94 | 115.28 |
| Imports | 71.09 | 72.78 |
| Balance | 49.85 | 42.50 |
| Semiconductors | 60.30 | 56.44 |
| Daily average exports | 5.63 | 5.24 |
| Energy imports | 12.96 | 16.49 |
| Middle East exports | 1.60 | 1.67 |
September as first published on 1 October 2026; the October release ranks September exports at 121.1.
Ten-month exports pass $900bn for the first time
Exports from January to October reached $930.0bn, up 60.6%. It is the first time a ten-month total has passed $900bn.
Imports rose 21.4% to $635.1bn over the same period. The cumulative surplus reached $294.9bn.
The ten-month total is already 31% above the $709.3bn exported in the whole of 2025, which the ministry called a record. The cumulative surplus is $239.1bn larger than a year earlier.
Minister Kim Jung-kwan said annual exports of $1 trillion look certain to be reached in November; the ministry puts the remaining gap at $70bn. He credited growing demand for chips and other advanced industries as AI expands, and the competitiveness of Korean companies in a difficult external environment.
He also said many small and mid-sized firms still struggle with own-country-first policies in major economies, the reshaping of global supply chains and geopolitical instability in the Middle East. The government, he said, will deepen trade cooperation with major partners and work to ease export bottlenecks so that smaller firms share in the growth.
January to October trade
| Measure | $bn | Change |
|---|---|---|
| Exports | 930.0 | +60.6% |
| Imports | 635.1 | +21.4% |
| Balance | 294.9 | n/a |
Changes are on January to October 2025; the surplus was $239.1bn larger than a year earlier.
Method: figures are from the Ministry of Trade, Industry and Resources’ release on October 2026 exports and imports, 1 November 2026, with September and full-year 2025 figures from its release of 1 October 2026; shares, differences and comparisons not attributed to the ministry are The Edge’s calculations; prose figures are rounded, and tables carry the precision the ministry prints.
Sources: Ministry of Trade, Industry and Resources, The Edge.
