With exports last month reaching USD 115.3 billion, the country's exports for the year exceeded USD 900 billion for the first time. The Ministry of Trade, Industry and Resources said the economy is all but certain this month to break the historic milestone of USD 1 trillion in annual exports. Shown are containers stacked at the Sinseondae container terminal of Busan North Port in Busan's Nam-gu District. (Busan Port Authority)

By Yoon Sojung

The semiconductor boom helped the nation's exports through last month surpass USD 900 billion for the year, making it a certainty of hitting the economy's annual export target of USD 1 trillion within this month.

A report on October export and import trends released on Nov. 1 by the Ministry of Trade, Industry and Resources said exports from January to October reached USD 930 billion, breaking the USD 900 billion mark for the first time in history.

Exports last month jumped 93.7% year on year to USD 115.3 billion, breaking USD 110 billion for the second consecutive month. Following September's performance of USD 121.1 billion, this was the second-highest monthly export figure on record.

Imports over the period rose 36% to USD 72.78 billion.

With the annual export milestone of USD 1 trillion just USD 70 billion away, the ministry called achievement of the mark practically guaranteed.

Major domestic media outlets including Yonhap News reported that Korea is set to be just the fourth country to join the exclusive club of USD 1 trillion in exports, following the U.S., China and Germany.

The trade surplus of USD 42.5 billion was USD 36.5 billion higher from the same month last year, the second straight month of over USD 40 billion. The black figure for the January–October period was USD 294.9 billion, a huge jump from USD 239.1 billion year on year.

Average daily exports, adjusted for the number of working days, soared 76.1% to USD 5.24 billion, staying above USD 5 billion for two straight months.

Of the country's 20 major export items, only ships and consumer goods did not see growth. Those of semiconductor skyrocketed 259.4% to USD 56.44 billion, second only to the all-time mark of USD 60.3 billion in September.

Exports of non-semiconductor items also jumped 34%. Those of computers skyrocketed nearly five-fold (496.6%) to USD 5.85 billion thanks to a combination of expanded investments in server infrastructure following the proliferation of artificial intelligence (AI) services and growing demand for server-use solid-state drives.

Car exports grew 18.1% to USD 6.55 billion and those of automotive parts 15% to USD 1.74 billion.

By region, seven of Korea's nine main export markets saw robust growth except for Central and South America and the Commonwealth of Independent States.

October exports to China soared 133.6% to USD 26.98 billion thanks to strong demand for top items like semiconductors, petrochemicals, wireless communication devices and general machinery. The amount also exceeded USD 20 billion for the fifth consecutive month.

Exports to the U.S. surged 128% to USD 24.9 billion, propelled by strong performances in AI-related items like chips, computers and electrical equipment as well as steady sales of cars and steel.

Those to member states of the Association of Southeast Asian Nations jumped 128% to USD 21.33 billion, the second straight month of over USD 20 billion given the steady and balanced rise in key items such as semiconductors, displays and petroleum products.

"Our exports have maintained a robust growth trend -- exceeding USD 110 billion in October alone -- thus it is all but certain that our goal of USD 1 trillion in annual exports will come within November," Minister of Trade, Industry and Energy Kim Jung-Kwan said. "This was the result of both rising demand for high-tech products like semiconductors driven by the growth of AI and the dedicated efforts of our companies, which continue to demonstrate strong competitiveness on the global market."

arete@korea.kr