Pull semiconductors, push cars...October's biggest exports ever

Korea's exports have increased for 13 consecutive months until last month
US$6.2 Billion in Automobile ExportsHighest
ever as of OctoberLast month's revenue was $54.4 billion...trade surplus of $3.2 billion
Government targets '$700 billion' in exports unclear
The record set in 2022 is expected to be broken.

[Anchor]
Despite the uncertainty of the global economy, Korea's exports continued to increase for 13 consecutive months.

Exports reached their highest record as of October last month, especially as semiconductors and automobiles were mixed.

Reporter Choi Ah-young reports.

[Reporter]
Despite the tight economic situation, Korea's exports continued to strengthen last month.

It was the best October performance ever, up nearly 5% from last year to $57.5 billion.

The source of power was also semiconductors and automobiles in the two major export mountains.

Although "semiconductor winter theory" has recently been on the rise, semiconductor exports last month rose 40% from last year to $12.5 billion, the highest ever as of October.

[Kim Dae-ja / Trade, Industry and Energy Ministry Trade, and Investment Director: Our companies are increasing their exports by focusing on high value-added products such as HBM (High Bandwidth Memory) and DDR5. It is currently showing a solid increase.

Automobile exports also recorded $6.2 billion, the highest performance in October ever.

On top of that, the two major export markets also gained vitality.

Exports to China hit a new 25-month high, and exports to the U.S. were also the biggest as of October.

Imports rose 1.7% to $54.4 billion last month, with a trade surplus of $3.2 billion.

Exports are strong, but it doesn't seem easy to achieve the government's target of $700 billion.

Cumulative exports from January to October this year are $570 billion, 80% of the target.

Instead, it is expected to surpass the all-time record of $680 billion recorded in 2022.

Unless something unexpected happens, Korea's exports are expected to set a new record this year, but the Middle East situation and the uncertain external situation until the U.S. presidential election remain a source of instability.

I'm YTN's Choi Ayoung.

Reporter for shooting
: Jeong Chul-woo
Video editing: Han Soo-min
Design: Lee Na-young