Last month, South Korea's exports surpassed $110 billion for the second consecutive month, reaching $115.28 billion, a 93.7% increase compared to the previous year. This marks the first time cumulative exports have exceeded $900 billion, leaving just $700 billion to achieve the annual target of $1 trillion.
According to the Ministry of Trade, Industry and Energy and the Korea Customs Service, the export figure for October is the second highest on record for any month and the highest for October specifically.
When adjusted for the number of working days, the average daily export amount was $5.24 billion, reflecting a 76.1% increase from the same month last year. This average has remained above $5 billion for two consecutive months.
From January to October, cumulative exports reached $930 billion, a 60.6% increase year-on-year. This is the first time cumulative exports have surpassed $900 billion. The Ministry anticipates that the remaining $700 billion needed to reach the $1 trillion annual export goal will be achieved in November.
Imports also rose, totaling $72.78 billion, a 36.0% increase from the same month last year. Cumulative imports from January to October amounted to $635.1 billion, up 21.4% from the previous year.
In October, the trade balance recorded a surplus of $42.5 billion, an increase of $36.5 billion compared to the same month last year. This marks the second consecutive month with a surplus exceeding $40 billion. The cumulative trade surplus from January to October stands at $294.9 billion.
According to the Ministry of Trade, Industry and Energy and the Korea Customs Service, the export figure for October is the second highest on record for any month and the highest for October specifically.
When adjusted for the number of working days, the average daily export amount was $5.24 billion, reflecting a 76.1% increase from the same month last year. This average has remained above $5 billion for two consecutive months.
From January to October, cumulative exports reached $930 billion, a 60.6% increase year-on-year. This is the first time cumulative exports have surpassed $900 billion. The Ministry anticipates that the remaining $700 billion needed to reach the $1 trillion annual export goal will be achieved in November.
Imports also rose, totaling $72.78 billion, a 36.0% increase from the same month last year. Cumulative imports from January to October amounted to $635.1 billion, up 21.4% from the previous year.
In October, the trade balance recorded a surplus of $42.5 billion, an increase of $36.5 billion compared to the same month last year. This marks the second consecutive month with a surplus exceeding $40 billion. The cumulative trade surplus from January to October stands at $294.9 billion.
* This article has been translated by AI.
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