Exports from Korea hit a record high in October this year. Although exports to major countries such as the United States and China decreased, strong exports of semiconductors and ships led the overall rise in exports.
According to the Korea Customs Service on the 17th, exports in October totaled $59.5 billion, up 3.5% from a year earlier. This is the highest export value on record for October. Both export value and export volume have increased for five consecutive months since June.
By item, ship exports surged 135.8% from a year earlier, and semiconductor exports rose 25.2%, marking the second-highest performance on record. In particular, semiconductor exports increased for eight consecutive months. In contrast, exports of auto parts and passenger cars fell 21% and 12.6%, respectively, and exports of wireless communication devices also declined 8.7%.
By country, exports to Taiwan jumped 46% from a year earlier, and exports to Singapore and Australia also increased 6% and 16.4%, respectively. In contrast, exports to major countries such as China, the United States, the European Union (EU), and Vietnam all decreased. In particular, exports to China fell 5.2%, turning downward, and exports to the United States fell 16.1%, declining for the third straight month.