SEOUL: South Korea’s exports nearly doubled in October from a year earlier, beating market expectations and marking the sharpest increase in more than 50 years, trade data showed on Sunday.
Exports from Asia’s fourth-largest economy, a bellwether for global trade, rose 93.70 per cent last month to US$115.28 billion, slightly higher than the median forecast of a 93.20 per cent increase in a Reuters poll of economists.
The increase, boosted by favourable calendar effects from more working days due to differences in the timing of local Chuseok holidays, exceeded September’s 83.70 per cent gain and was the strongest since January 1974.
Overseas sales of semiconductors jumped 259.40 per cent as prices and volumes remained high amid continued facility investment by global big tech firms competing for leadership in the artificial intelligence industry, the trade ministry said.
Computer sales surged 496.60 per cent on increasing server demand for AI services.
Imports rose 36.00 per cent to US$72.78 billion, following a 26.00 per cent increase in September, marking the biggest annual rise since January 2022.
The country’s monthly trade balance recorded a surplus of US$42.50 billion, narrower than the record US$49.97 billion surplus in the previous month.