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2026-11-01 09:46:24
[South Korea’s exports surged in October, with the AI boom continuing to drive trade and the economy] (1) Data released by the Ministry of Trade, Industry and Energy of South Korea on Sunday showed that exports in October surged 76.1% year-on-year to US$115.3 billion after adjusting for working day differences; exports in the previous month had hit a record high of US$121.1 billion. On an unadjusted basis, exports rose 93.7% year-on-year, imports rose 36%, and the trade surplus was US$42.5 billion; the export growth rate in September was revised to 83.7%. (2) The continued strong exports provided support for the Bank of Korea’s interest rate hike this month. The Bank of Korea kept interest rates unchanged in October to assess the impact of the consecutive interest rate hikes in July and August; the inflation data to be released on Tuesday is another key reference before the Bank of Korea’s interest rate decision on November 26. (3) Semiconductors remain the main driver of growth: chip exports surged 259% year-on-year to US$56.4 billion; computer exports rose 497%, and petrochemical products and automobile exports rose 80% and 18%, respectively.
