South Korea’s cumulative exports for the year are expected to surpass $1 trillion for the first time, driven by higher semiconductor exports amid the spread of AI. The country is said to be on track to reach $1 trillion in annual exports as early as November.
South Korea’s Ministry of Trade, Industry and Energy released export and import trends, stating that cumulative exports for the year appeared likely to surpass $1 trillion for the first time. The surge in semiconductor exports driven by a sharp increase in AI capital investment was cited as the background.
Exports last month totaled $115.28 billion, up 93.7% year on year and the second-highest monthly figure on record. The cumulative total for January through October was $930 billion, leaving only $70 billion to reach $1 trillion for the year.
South Korea is widely expected to reach $1 trillion during November and may maintain its position as the world’s fourth-largest exporter, behind Germany, the United States and China. Baseline data also showed that the Netherlands ranked fourth on a relative basis in the second half of the year.
Semiconductors were the main driver. Semiconductor exports last month totaled $56.44 billion, up 259.4% year on year. They accounted for roughly half of total exports, reflecting increased demand from expanding investment in AI server infrastructure. Exports of many non-semiconductor items also increased, making October a strong month overall.