October Exports 'Record High'... 13 Consecutive Months of Growth (Update)

Ministry of Industry, Export and Import Trends in October 2024

Exports in October set a new 'all-time high,' continuing an increase for 13 consecutive months.

According to the Ministry of Trade, Industry and Energy on the 1st, export value in October reached $57.52 billion, up 4.6% compared to the same month last year. Marking the highest performance in October, it renewed the monthly record for three consecutive months since August this year, showing a positive trend for 13 consecutive months.

In October, exports of 10 out of the 15 major export items increased. Semiconductor exports, Korea's largest export item, reached $12.5 billion (40.3%), marking the highest October performance in six years and continuing an increase for 12 consecutive months. The previous highest record was $11.6 billion in October 2018. Computer exports also rose 54.1% to $1 billion for 10 consecutive months, and wireless communication devices increased 19.7% to $2 billion for eight consecutive months.

Cargo containers are stacked at Pyeongtaek Port as seen from the air. [Aerial shooting cooperation=Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seung-ho - Lieutenant Park Ji-hwan, Crew: Lieutenant Park Sang-jin] Photo by Kang Jin-hyung aymsdream@

Automobile exports, the second-largest export item, recorded $6.2 billion, up 5.5% from the same month last year. This is the highest October record, renewing the monthly maximum export performance for two consecutive months. Auto parts exports also increased 5.9% to $1.9 billion, turning positive after three months. Biohealth exports rose 18.5% to $1.2 billion, marking an increase for four consecutive months.

Steel exports increased 8.8% to $2.9 billion, breaking an eight-month decline since February and turning to an upward trend after nine months. Additionally, petrochemicals ($4 billion, 10.2%) recorded a positive growth after two months, and textiles ($900 million, 2.5%) and home appliances ($700 million, 5.0%) showed positive growth after three months.

On the other hand, petroleum product exports fell 34.9% to $3.4 billion due to a decline in product prices linked to crude oil prices.

By region, exports increased in five out of nine major markets. Exports to China reached $12.2 billion (10.9%), the highest in 25 months since September 2022 ($13.3 billion), continuing an eight-month increase, driven by significant growth in semiconductor and petrochemical exports, the top two export items. Exports to the United States recorded $10.4 billion (3.4%), the highest October performance ever, renewing the monthly maximum export record for 15 consecutive months. Exports to the European Union (EU) reached $5.3 billion (5.7%), maintaining a positive trend for three consecutive months, supported by strong wireless communication device and biohealth exports.

Imports in October amounted to $54.35 billion, up 1.7%. Gas imports increased by 30.2%, but crude oil imports decreased by 17.9% due to falling oil prices, resulting in a 6.7% decline in total energy imports to $11.2 billion. Non-energy imports rose 4.1% to $43.2 billion, mainly driven by semiconductors (19.0%) and semiconductor equipment (52.2%).

The trade balance recorded a surplus of $3.17 billion, up $1.62 billion from the same month last year, continuing a surplus for 17 consecutive months. The cumulative trade surplus from January to October this year reached $39.9 billion, the largest surplus since 2018 ($60.8 billion).

Minister of Trade, Industry and Energy Ahn Deok-geun said, "Korea's two major export items, semiconductors and automobiles, set new October records, and overall exports have recorded the highest monthly performance for three consecutive months, showing a steady upward trend. However, with risk factors such as the Middle East crisis and the Russia-Ukraine war, it is difficult to predict when these will end, and uncertainties in the external trade environment remain after the U.S. presidential election, so careful monitoring is necessary."

This content was produced with the assistance of AI translation services.