South Korea recorded $55.55 billion in exports in October, marking the country’s second highest monthly result after September thanks to solid global demand for chips, consumer electronics and petrochemicals.

Exports rose 24 percent last month from a year-ago, according to data published by the Ministry of Trade, Industry and Energy on Monday. The figure is the second highest since $55.8 billion recorded in September and highest for October.

This put the country’s exports from January to October at $523.2 billion, already exceeding last year’s annual figure of $512.5 billion. It was the first time for the country’s cumulative exports for the first 10 months to top $500 billion since 2018.

Korea’s monthly exports have exceeded $50 billion since March.

The government is confident this year`s annual exports will be a historic high by beating record $604.9 billion of 2018.

Imports amounted $53.86 billion for October, up 37.8 percent.

Trade balance came to a surplus of $1.69 billion, maintaining profit for 18 months in a row.

Of the country’s 15 mainstay export items, all, except automobiles and parts, showed solid growth. Exports from 10 categories including semiconductor chips, petrochemicals, and bio/health products grew by double digits. Automobiles and parts exports fell slightly due to the global automotive chip shortage.

Korea’s exports to all key trade partners increased. In particular, the country saw a double-digit growth in exports to the four major markets – China, the United States, European Union, and Association of Southeast Asian Nations. Exports to the four markets are responsible for more than half of the country’s total outbound shipment.

Exports to other regions also have expanded for the seventh or longer consecutive month.

By Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]