Suryaa Business Desk: South Korea, the fifth-largest economy in Asia, has recorded a significant surge in exports. In October, the country's exports rose by 93.7 percent compared to the previous year, reaching $115.28 billion. This represents the highest annual export growth rate achieved by South Korea in approximately 52 years, since January 1974. The Ministry of Trade attributed this growth to revolutionary changes in the global artificial intelligence (AI) industry and increasing technological requirements.
Semiconductors played a critical role in this export performance. Driven by large-scale investments from multinational IT companies in AI infrastructure, semiconductor exports increased by 259.4 percent. Additionally, sales of computers and related components grew by over 496.6 percent due to rising demand for servers. The increase in working days, influenced by changes in the timing of the local 'Chuseok' autumn holidays, also contributed to the growth rate.
Exports to major nations, including the United States and China, were substantial. Exports to the U.S. grew by 185.8 percent, while exports to China increased by 133.6 percent. During the same period, South Korea's imports rose by 36 percent to $72.78 billion. Consequently, the country achieved a trade surplus of $42.50 billion in October.