October exports exceeded $110 billion for the second consecutive month, following September. Cumulative exports this year also surpassed $900 billion, bringing the achievement of an annual $1 trillion within reach. While strong semiconductor exports continued, other key items such as automobiles, electronic devices, computers, and petroleum products recorded double-digit growth, supporting overall exports.
According to the "October 2026 Trade Trends" released by the Ministry of Trade, Industry and Energy on the 1st, last month's exports totaled $115.28 billion, a 93.7% increase year-on-year. This marked the second consecutive month that exports surpassed $110 billion, following September's record-high $121.1 billion. It is also the highest export figure for any October on record.
The daily average export value, adjusted for working days, was $5.24 billion, a 76% increase year-on-year. This is the second-highest daily average record ever, following September ($5.63 billion).
Semiconductors once again led October exports. Last month's semiconductor exports reached $56.44 billion, up 259.4% year-on-year. This is the highest figure for any October and the second-highest monthly export value ever, following September ($60.3 billion). The high unit prices and volumes were maintained due to continued equipment investment by global big tech companies aiming to secure a leading position in the AI (artificial intelligence) industry.
In addition to semiconductors, exports increased year-on-year in 18 of the top 20 key items. Computer exports rose 496.6% year-on-year to $5.85 billion. This is analyzed as being driven by expanded investment in server infrastructure due to the spread of AI services and increased demand for server SSDs (Solid State Drives).
Automobile exports were $6.55 billion, an 18.1% increase year-on-year. Influenced by an increase in working days and strong exports from HYBE Lead Car, among other factors, this marked the highest performance for any October on record.
Petroleum products stood at $6.92 billion and petrochemicals at $4 billion, representing year-on-year increases of 80% and 27.5%, respectively. This was due to rising selling prices for petroleum and petrochemical products resulting from the persistence of high oil prices amid the prolonged Middle East war. However, export volumes decreased by 7.5% for petroleum products and 6.8% for petrochemicals.
Steel recorded $2.29 billion, a 22.3% increase year-on-year, driven by rising global steel prices despite strengthened import regulations in major countries. Electronic devices reached $1.99 billion, up 74% year-on-year, influenced by increased demand for transformers, wires, and cables for AI data centers.
Cosmetics, agricultural and fishery products, and bio-health all recorded their highest performance for any October on record. Cosmetics rose 57.5% year-on-year to $1.44 billion, agricultural and fishery products increased by 11.6% to $1.11 billion, and bio-health grew by 30.2% to $1.53 billion.
By region, exports to China reached $26.98 billion, a 133.6% increase year-on-year, surpassing $20 billion for the fifth consecutive month. Exports to the United States were $24.9 billion, up 185.8% year-on-year, with strong performance across AI-related items such as semiconductors, computers, and electrical equipment.
Exports to ASEAN rose 128% year-on-year to $21.33 billion, while exports to the European Union (EU) increased by 56% year-on-year to $8.1 billion.
Last month's imports were $72.78 billion, a 36% increase year-on-year. Energy imports rose 63.1% year-on-year to $16.49 billion, while non-energy imports also increased by 29.7% to $56.29 billion.
The trade balance, calculated as exports minus imports, showed a surplus of $42.5 billion last month. This marked the second consecutive month that the surplus exceeded $40 billion. The cumulative surplus for January through October this year was $294.9 billion, an increase of $239.1 billion compared to the same period last year.
Minister of Trade, Industry and Energy Kim Jung-kwan stated, "In October as well, our exports maintained a robust growth trend of over $110 billion, making it certain that we will reach an annual export milestone of $1 trillion in November." He added, "The government will concentrate all policy efforts to strengthen trade cooperation with major countries so that the benefits of export growth can be widely enjoyed by small and mid-sized companies alike."
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