Semiconductors and Cars Drive Record-High Exports in October: 13 Consecutive Months of Growth (Summary)

Industry Ministry Announces October Export-Import Trends… Exports Increase by 4.6%
Semiconductors Rise by 40.3% to $12.5 Billion… Highest October Performance
Automobiles Also Increase by 5.5% to $6.2 Billion… Record High for Two Consecutive Months
Trade Surplus of $39.9 Billion up to October… Largest in Six Years
“Increased Uncertainty with the U.S. Election… Analyzing All Scenarios”, [Sejong=Newsis] Containers are stacked at the Incheon New Port container terminal in Yeonsu District, Incheon. 2024.11.01. [email protected],
,
, ‘[Sejong=Newsis] Reporters Yeo Dong-jun and Son Cha-min = Last month, exports increased by 4.6% compared to the previous year, continuing the positive trend for 13 consecutive months. Key export items like semiconductors and automobiles recorded the highest ever October figures, maintaining record monthly performances for three months in a row.’,
,
, “According to the ‘October Export-Import Trends’ released by the Ministry of Trade, Industry and Energy on the 1st, exports increased by 4.6% from a year ago to record $57.52 billion (790.9 trillion won).”,
,
, ‘Since returning to an increase last October, exports have maintained a positive trend for 13 consecutive months, reaching the highest figures for October on record. Since August, the monthly record has been broken for three consecutive months.’,
,
, ‘Of the 15 major export items, including the largest export items semiconductors and automobiles, 10 items saw an increase in exports, showing an overall favorable export trend.’,
,
, ‘Semiconductor exports, the largest export item, increased by 40.3% from a year ago to $12.5 billion. This broke the highest October record in six years, continuing an increase for 12 consecutive months.’,
,
, ‘In particular, the share of HBM and DDR5 exports, where our companies hold a competitive advantage, is expanding. This is attributed to the continued demand for high-value memory due to new AI server investments and general server replacements, accelerating product transitions to HBM and DDR5 by memory producers.’,
,
, ‘Automobile exports, the second-largest export item, grew by 5.5% from the same month last year to $6.2 billion, achieving record monthly export performances for two consecutive months.’,
,
, ‘Exports of automobile parts also increased by 5.9% to reach $1.9 billion, returning to positive growth in three months.’,
,
, ‘The continued effect of new car models like Kanigal HEV and EV3 and a sharp increase of 69.6% in hybrid vehicle exports are seen as the cause.’,
,
, ‘Biohealth exports increased by 18.5% to $1.2 billion, sustaining an upward trend for four consecutive months.’,
,
, ‘Computer exports also rose by 54.1% to $1 billion, maintaining growth for 10 consecutive months, while wireless communication devices grew by 19.7% to $2 billion, continuing an uptrend for eight months.’,
,
, ‘Demand for enterprise SSDs for AI servers remained strong, and smartphone exports (46.6%) as well as high-performance, high-value mobile phone parts exports (15.2%) maintained a solid level.’,
,
, ‘Steel exports increased by 8.8% to $2.9 billion. This shift to an increase comes after breaking the eight-month negative streak sustained since February.’,
,
, ‘Although unit prices fell, the significant increase in export volume offset the impact of price declines.’,
,
, ‘By region, exports increased in five out of nine major markets.’,
,
, ‘Exports to China grew by 10.9% to $12.2 billion, due to significant increases in exports of the top two export items, semiconductors and petrochemicals. This is the highest since September 2022, and maintains an upward trend for eight months.’,
,
, ‘Exports to the U.S. rose by 3.4%, achieving the highest October performance on record with $10.4 billion, breaking the monthly record for 15 consecutive months.’,
,
, ‘Though machinery exports fell by 19.5%, the demand expansion in leading industries like automobiles and AI servers led to significant increases in semiconductor and computer exports.’,
,
, ‘Semiconductor exports to the U.S. rose by 130.8% and computer exports increased by 142% over the previous year.’,
,
, ‘Exports to the EU increased by 5.7% to $5.3 billion. Along with automobiles, wireless communication devices, and bio-health exports prominently contributed to this three-month continuous positive trend.’,
,
, ‘Export growth rates were 124% for wireless communications, 59.7% for bio-health, and 22% for automobiles.’,
,
, ‘Exports to ASEAN reached $10.1 billion, marking a slight decrease compared to last year’s record high for October, yet registering the second-highest record.’,
,
, ‘Semiconductor exports saw a significant increase of 44.6%, though there were decreases in petroleum products (-24.6%) and ship exports (-54.3%).’,
,
, ‘Imports last month grew by 1.7% to $54.35 billion (74.7312 trillion won). While energy imports decreased by 6.7%, non-energy imports grew by 4.1%.’,
,
, ‘Energy imports stood at $11.2 billion, with a 30.2% increase in gas imports, though crude oil imports decreased by 17.9% due to falling oil prices, and coal imports also decreased by 9.4%.’,
,
, ‘Non-energy imports were recorded at $43.2 billion. An increase of 4.1% was centered on semiconductors (19.0%) and semiconductor equipment (52.2%).’,
,
, ‘Related to the favorable semiconductor export trend, semiconductor imports have been increasing monthly this year.’,
,
, ‘Semiconductor imports started with a 7.4% increase in Q1, rose by 9.3% in Q2, increased by 21% in Q3, and saw a 19% increase this month.’,
,
, ‘However, imports of automobiles (-0.2%), phones (-19.2%), and petroleum products (-13.1%) decreased.’,
,
, ‘Consequently, Korea’s trade surplus grew by $1.6 billion compared to the previous year, recording a $3.17 billion (4.3587 trillion won) surplus.’,
,
, ‘The trade surplus has been continuously recorded for 17 consecutive months.’,
,
, ‘From January to October this year, the cumulative trade surplus reached $39.9 billion, the largest since 2018.’,
,
, ‘The Ministry of Industry is preparing for all scenarios considering trade variables like the U.S. presidential election.’,
,
, ‘Minister of Industry and Trade Ahn Duk-geun said, “Our main export items, semiconductors and automobiles, achieved record high performances for October, and overall exports have set monthly records for three consecutive months, indicating a robust export growth trend,” adding, “We will mobilize all available resources to support export expansion as a public-private one team to achieve all-time high export records continuing through the year-end.”‘,
,
, ‘Notably, he mentioned, “As the outcome of the U.S. presidential election could potentially alter U.S. economic and trade policies, increasing uncertainty in the trade environment,” and emphasized, “We are meticulously analyzing potential scenarios affecting industries, trade, and energy, and are developing response strategies in collaboration with key industries, economic organizations, and experts to maximize national and industry interests.”‘,
,
,