South Korea's Ministry of Trade, Industry and Energy at Government Complex Sejong [Yonhap]
South Korea's Ministry of Trade, Industry and Energy at Government Complex Sejong [Yonhap]

South Korea's cumulative exports from January through October have surpassed $900 billion for the first time in history, putting an annual export total of $1 trillion firmly within reach.

The Ministry of Trade, Industry and Energy said Sunday that October exports reached $115.28 billion, up 93.7 percent from the same period last year. That followed $121.1 billion in September, marking two consecutive months above $110 billion. The January-to-October cumulative total stood at $930 billion, the first time the figure has exceeded $900 billion.

If the current pace holds, South Korea will hit the $1 trillion annual export milestone sometime in November, the ministry said.

Semiconductors drove the gains. Semiconductor exports last month reached $56.44 billion, up 259.4 percent from October last year, marking a second straight month above $50 billion.

Among the country's top 20 export items, 18 posted increases. By region, exports rose in seven of nine tracked markets. The top 20 items include semiconductors, displays, wireless communications devices, computers, automobiles, auto parts, ships, petroleum products, petrochemicals, secondary batteries, general machinery, electrical equipment, steel, non-ferrous metals, agricultural and marine food products, cosmetics, lifestyle products, textiles, home appliances and biotech health products.

Exports to China surged 133.6 percent to $26.98 billion, while exports to the United States climbed 185.8 percent to $24.9 billion. October imports rose 36.0 percent to $72.78 billion, and the trade balance posted a surplus of $42.5 billion — a second consecutive month above $40 billion.


park.jiyeong@heraldcorp.com