
Driven by strong global investment demand for artificial intelligence, exports of semiconductors and computers have surged, with annual exports expected to exceed the US$1 trillion mark.
AI-generated summary
South Korea's exports have been boosted by global AI investment demand, and demand for semiconductors and servers has grown significantly.
(Central News Agency, Seoul, comprehensive foreign news report on the 1st) According to official data released today, South Korea’s exports in October almost doubled compared with the same period last year, setting the largest increase in more than 52 years. Thanks to strong global investment demand for artificial intelligence (AI), South Korea's chip shipments are booming.
Reuters reported that South Korea's Ministry of Trade, Industry and Energy announced that exports in October increased by 93.7% from the same period last year to US$115.28 billion, an increase from 83.7% in September and slightly higher than the median forecast of economists of 93.2%, marking the largest increase since January 1974. This is partly due to the fact that Korea has more working days due to the consecutive Mid-Autumn Festival holidays this year.
Among them, semiconductor exports surged 259.4% compared with October last year, reaching US$56.44 billion. The gains come as global technology giants continue to invest in equipment in order to compete for leadership in the AI industry, driving semiconductor demand and prices to remain high.
In addition, driven by the growing demand for servers that provide AI services, South Korea's computer exports surged 496.6% in October compared with the same period last year.
From a regional perspective, South Korea's exports to China in October increased by 133.6% year-on-year, exports to the United States increased by 185.8%, and exports to Europe and Southeast Asia increased by 56.4% and 128.0% respectively.
South Korea's exports from January to October this year have now reached 930 billion US dollars. Kim Jung-kwan, Minister of Industry, Trade and Energy of South Korea, said today that exports this year are expected to reach the US$1 trillion threshold within November.
If South Korea's annual exports exceed US$1 trillion, it will become the fourth country in the world to reach this milestone after the United States, China and Germany.
AI outlook — possibilities, not facts
South Korea's full-year exports will exceed US$1 trillion in November.
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