SEOUL — South Korea’s export momentum shows no signs of slowing down, with cumulative exports surpassing the unprecedented $900 billion mark for the first time in history, positioning the country to join the exclusive "$1 Trillion Club" this month.

According to the Ministry of Trade, Industry and Energy (MOTIE) on Sunday, October exports reached $115.28 billion, a staggering 93.7% increase compared to the same period last year. Following September's record of $121.1 billion, this marks the second-highest monthly export figure on record.

When factoring in working days, average daily exports surged 76.0% year-on-year to $5.24 billion, maintaining the $5 billion threshold for two consecutive months.

This brings South Korea’s cumulative exports for the first ten months (January–October) to $930 billion. With only $70 billion remaining to reach the annual $1-billion goal, the country is widely expected to become the fourth nation in the world—following the United States, China, and Germany—to achieve annual exports of $1 trillion, a milestone never before reached in its history.

Growth Led by Semiconductors and Emerging Sectors

Semiconductors once again spearheaded the country's export boom. Last month, chip exports skyrocketed 259.4% to $56.44 billion, driven by persistent high pricing and robust demand as global big tech companies continue aggressive facility investments to secure dominance in the artificial intelligence (AI) industry.

The surge was not limited to chips. Out of South Korea's 20 major export categories, 18 posted positive growth:

Computers: Surged 496.6% to $5.85 billion, fueled by expanded server infrastructure investments and high demand for server-use Solid State Drives (SSDs) amid widespread AI services.
Automobiles: Reached a record October high of $6.55 billion (up 18.1%), boosted by increased working days due to a calendar shift in Chuseok holidays and strong sales of hybrid vehicles.
Petroleum Products & Chemicals: Recorded $6.92 billion (up 80.0%) and $4.0 billion (up 27.5%), respectively, driven by rising unit prices from prolonged tensions in the Middle East, despite slight drops in actual export volumes.
K-Beauty, Agri-Food & Bio-Health: Hit all-time highs for any October, with cosmetics jumping 57.5% to $1.44 billion, agri-food rising 11.6% to $1.11 billion, and bio-health climbing 30.2% to $1.53 billion.

Conversely, ships dipped 43.6% to $2.64 billion due to a temporary base effect following major offshore plant exports last year.

Robust Demand Across Major Global Markets

Export growth was widespread across key regional markets, with increases recorded in 7 out of 9 major trading partners:

China: Jumped 133.6% to $26.98 billion, marking the fifth consecutive month above the $20 billion mark, driven by robust semiconductor and petrochemical performance.
United States: Surged 185.8% to $24.90 billion on explosive demand for AI-related goods.
ASEAN: Rose 128.0% to $21.33 billion, staying above $20 billion for the second straight month.
European Union (EU): Rose 56.4% to $8.10 billion, continuing an 11-month upward streak led by cars, chips, and general machinery.

Trade Balance and Outlook

On the import side, October imports rose 36.0% to $72.78 billion, with energy imports climbing 63.1% to $16.49 billion.

Driven by the massive export surplus, South Korea posted a trade surplus of $42.50 billion in October—surpassing the $40 billion mark for the second consecutive month. Cumulative trade surplus for January through October reached $29.49 billion, marking a dramatic $23.91 billion expansion compared to the same period last year.

"With October extending our robust momentum of over $110 billion in monthly exports, achieving our annual goal of $1 trillion in November is virtually certain," said MOTIE Minister Kim Jeong-gwan. "The government will reinforce international trade cooperation to ensure that small and medium-sized enterprises can also broadly share the fruits of this export growth."

[ⓒ Global Economic Times. 무단전재-재배포 금지]