Korea shipped $115.28 billion of goods abroad in October, up 93.7% on a year earlier, the Ministry of Industry and Trade said on Nov. 1. Exports for January–October reached about $930 billion, passing $900 billion for the first time, and the ministry expects the full-year total to hit $1 trillion within November.
Second month in a row above $110 billion
October exports were $115.28 billion, following $121.1 billion in September.
Add up the first ten months and the total is about $930 billion, 60.6% more than the $579.06 billion of the same period last year.
Chips make up nearly half
Semiconductor exports were $56.44 billion, up 259.4% and above $50 billion for a second straight month. Divide that by October's total and chips are roughly 49% of everything Korea exported.
Eighteen of the 20 main export items grew, and shipments rose in seven of nine regions.
$27 billion to China, $25 billion to the U.S.
The two biggest markets are China and the United States. Exports to China were $26.98 billion (up 133.6%) and to the U.S. $24.9 billion (up 185.8%).
Imports rose too, but the surplus is $42.5 billion
Imports were $72.78 billion, up 36.0%. Exports grew faster, so the trade surplus came to $42.5 billion, the second month in a row above $40 billion.
The $1 trillion mark: sometime in November
The ministry says that if the current trend continues, annual exports will reach $1 trillion during November. That is the government's projection, not a fixed date.
