[Young Journalist JunKi Shin] South Korea is moving toward its goal of reaching $1 trillion in annual exports (approximately 1,335 trillion won). In early October, the country recorded its highest export value ever for the same period. Thanks to strong semiconductor exports, total exports doubled compared with the same period last year.

According to the Korea Customs Service on October 12, South Korea's exports reached $26.1 billion from October 1 to 10, based on preliminary customs data. This was a 102.0% increase from the same period last year and the highest amount ever recorded for the same period. There were 5.5 working days during this period, two more than the 3.5 working days recorded a year earlier. After adjusting for the number of working days, average daily exports increased by 28.5% to $4.75 billion. This was also the highest figure ever recorded for the same period.

By product category, semiconductor exports increased by 170.9% to $12.2 billion. This was the highest amount ever recorded for the same period. Semiconductors made up 46.7% of total exports, an increase of 11.9 percentage points from a year earlier.

Exports of other major products also increased. Petroleum products rose by 45.6%, passenger cars by 82.7%, steel products by 49.4%, and wireless communication devices by 62.6%. However, ship exports decreased by 13.4%.

Exports to major markets also increased. Exports to China rose by 167.3%, the United States by 159.9%, Vietnam by 89.7%, Taiwan by 2.6%, and the European Union (EU) by 127.3%. China, the United States, and Vietnam together accounted for 52.3% of South Korea's total exports.

When exports from October 1 to 10 were added to the total for January through September, South Korea's exports reached $840.6 billion. This means the country is getting closer to its goal of reaching $1 trillion in annual exports. So far, only three countries have recorded annual exports of $1 trillion: the United States, China, and Germany. South Korea has already passed its total exports of $709.3 billion for the whole of last year.

The main reason for South Korea's export growth is the strong performance of its semiconductor industry. In September, semiconductor exports reached $60.3 billion, passing $60 billion in a single month for the first time.

Kang Gam-chan, Director General of Trade and Investment at the Ministry of Trade, Industry and Energy, said, "Reaching $1 trillion in exports is now very likely, and attention is increasingly focused on when the target will be reached. If exports continue to reach $100 billion per month for about two more months, we expect to reach the goal in late November or early December."

Meanwhile, South Korea's imports also increased from October 1 to 10, reaching $22.3 billion. This was a 65.5% increase from the same period last year. By product category, imports of crude oil increased by 56.2%, semiconductor imports by 66.7%, and natural gas imports by 125.5%. However, imports of petroleum products decreased by 10.9%. Total energy imports, including crude oil, natural gas, and coal, increased by 64.8%. This appears to be due to higher crude oil import prices amid tensions in the Middle East.

Since exports were higher than imports, South Korea recorded a trade surplus of $3.8 billion.

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