South Korea's October exports jump 93.7% as AI demand lifts chip shipments 259%

On November 1, 2026, Korea’s trade ministry released October trade data showing exports up 93.7% year over year in the unadjusted reading, reaching $115.3 billion, with imports up 36% and a trade surplus of $42.5 billion. After adjusting for differences in working days, exports rose 76.1% year over year. Semiconductors were the main driver: chip exports surged 259% to $56.4 billion, computer exports jumped 497%, and petrochemical and auto exports climbed 80% and 18% respectively. The revised September export increase was 83.7%. Reports also noted that sustained export strength has provided support for the Bank of Korea to raise rates this month.

The following day, November 2, 2026, Oriental Fortune relayed the government data, reporting October exports up 93.7% year over year, above the median economist forecast of 93.2%, at $115.28 billion. The increase exceeded September’s 83.7% and marked the largest gain since January 1974. The report said part of the surge was due to more working days in October than in the same period last year, caused by the Chuseok holiday, but the main driver was massive global investment in AI that boosted demand for Korean chips. Kim Jung-kwan, Minister of Trade, Industry and Energy, said cumulative exports for the year through October had already reached $930 billion and it was almost certain that total exports would surpass $1 trillion within November. If achieved, Korea would become the fourth country after the United States, China and Germany to reach that milestone.

Korea’s Ministry of Trade, Industry and Energy currently attributes the strength to global AI infrastructure investment lifting both volume and prices for semiconductors. Whether cumulative annual exports actually cross $1 trillion within November still depends on subsequent data.