Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that in October 2026, Korea’s exports rose 93.7 percent year-on-year to USD 115.28 billion. Imports increased 36.0 percent to $72.78 billion, resulting in a trade surplus of $42.50 billion.

October exports rose 93.7 percent to $115.3 billion, exceeding $110.0 billion for a second consecutive month. Cumulative exports from January to October 2026 reached $930.0 billion, surpassing $900.0 billion for the first time. Semiconductor exports rose 259 percent, while non-semiconductor exports increased 34 percent. Average daily exports, adjusted for working days, rose 76 percent to $5.24 billion, exceeding $5.0 billion for a second consecutive month.

By item, exports increased for 18 of Korea’s 20 key export items.

In IT, semiconductor exports rose 259.4 percent to $56.44 billion, exceeding $50.0 billion for a second consecutive month. Export unit prices and volumes remained high as global big tech companies continued capital investment to secure leadership in the AI industry.

Computer exports continued to grow strongly, rising 496.6 percent to $5.85 billion. Growth reflected increased investment in server infrastructure driven by the spread of AI services, as well as rising demand for server SSDs. Wireless communication device exports increased 6.7 percent to $1.95 billion, marking 12 consecutive months of growth, supported by Apple’s new product launches and strong sales of Samsung smartphones.

Automobile exports rose 18.1 percent to $6.55 billion, reaching a record high for October. Growth reflected more working days as the Chuseok holiday shifted from October in 2025 to September this year, along with continued strong exports of hybrid vehicles. Ship exports fell 43.6 percent to $2.64 billion, a temporary decline reflecting a base effect from $2.47 billion in offshore plant exports a year earlier.

Petroleum product exports rose 80.0 percent to $6.92 billion, while petrochemical exports increased 27.5 percent to $4.00 billion. Both posted strong growth rates as international oil prices remained high, partly due to supply uncertainty in the Middle East. Export volumes, however, fell 7.5 percent for petroleum products and 6.8 percent for petrochemicals.

Steel exports rose 22.3 percent to $2.29 billion, maintaining growth despite tighter import restrictions in major markets. Higher export unit prices, reflecting rising global steel prices, supported the increase. Electrical equipment exports increased 74.0 percent to $1.99 billion, reaching an all-time monthly high as demand grew for transformers, wires, cables, and other equipment for AI data centers.

Exports of cosmetics, agricultural and fisheries products, and biohealth products all reached record highs for October. Cosmetics exports rose 57.5 percent to $1.44 billion with broad-based gains across markets, led by the United States and including China and the EU. Agricultural and fisheries product exports increased 11.6 percent to $1.11 billion as exports of noodles, beverages, sauces, and other items remained strong. Biohealth exports rose 30.2 percent to $1.53 billion as export markets diversified and export volumes continued to grow following the signing of multiyear contracts for contract manufacturing services.

By destination, exports to seven of Korea’s nine major markets increased.

Exports to China rose 133.6 percent to $26.98 billion, exceeding $20.0 billion for a fifth consecutive month. Top export items by value, including semiconductors, petrochemicals, wireless communication devices, and general machinery, all posted strong results.

Exports to the United States rose 185.8 percent to $24.90 billion, supported by strong exports of AI-related items, including semiconductors, computers, and electrical equipment, as well as increased exports of automobiles and steel.

Exports to ASEAN climbed 128.0 percent to $21.33 billion, exceeding $20.0 billion for a second consecutive month as major items, including semiconductors, displays, and petroleum products, posted broad-based gains. Exports to the EU rose 56.4 percent to $8.10 billion, marking 11 consecutive months of growth as exports of many items, including automobiles, semiconductors, and general machinery, remained strong.

Exports to the Middle East rose modestly by 11.0 percent to $1.67 billion despite difficulties with vessel passage through the Strait of Hormuz. More working days due to the shift in the Chuseok holiday contributed to stronger exports of automobiles, petrochemicals, electrical equipment, and other items.

October imports increased 36.0 percent to $72.78 billion. Energy imports rose 63.1 percent to $16.49 billion, while non-energy imports increased 29.7 percent to $56.29 billion.

Crude oil imports by value rose 51.9 percent to $10.7 billion as import volumes fell slightly by 6.3 percent but import prices increased sharply by 62.0 percent. Among non-energy imports, imports of semiconductor equipment rose 49.2 percent to $2.52 billion, while automobile imports increased 38.5 percent to $1.46 billion.

The trade surplus reached $42.50 billion, up $36.50 billion from a year earlier and exceeding $40.0 billion for a second consecutive month. The cumulative trade surplus from January to October 2026 reached $294.9 billion, up $239.1 billion from the same period last year.

Minister Kim said, “With exports maintaining solid growth and exceeding $110 billion again in October, annual exports are now set to reach $1 trillion in November.” He emphasized, “This was made possible by growing demand for semiconductors and other high-tech products as the AI industry expands, together with the efforts of Korean companies that continue to demonstrate their competitiveness in global markets despite challenging external conditions.”

Minister Kim noted, however, that many small and medium-sized enterprises (SMEs) and middle-market companies continue to face difficulties amid uncertainty in the global trading environment, including rising economic nationalism in major economies, the restructuring of global supply chains, and geopolitical instability in the Middle East. He said the government will strengthen trade cooperation with major economies to minimize uncertainty for Korean companies. At the same time, it will focus all available policy resources on actively addressing export challenges at home and abroad to ensure that the benefits of export growth are shared broadly with SMEs and middle-market companies.