South Korea's October chip exports surged 259%, with export value increasing by 93.7% year-on-year.

BlockBeats news, November 1 — Driven by the ongoing AI boom, South Korea's exports continued to grow strongly in October, further strengthening the export momentum of its trade-dependent economy.

Data released Sunday by South Korea's Ministry of Trade, Industry and Energy showed that after adjusting for working-day differences, South Korea's October exports rose 76.1% year-on-year to $115.3 billion, below the record $121.1 billion set the previous month. Unadjusted data showed that October exports rose 93.7% year-on-year, imports rose 36%, and the trade surplus reached $42.5 billion. South Korea's September export growth was revised to 83.7% year-on-year.

Continued strong exports further reinforced market expectations that the Bank of Korea will raise interest rates this month. Semiconductors remained the main driver of export growth. In October, South Korea's chip exports surged 259% year-on-year to $56.4 billion; computer exports rose 497%, while petroleum products and automobile exports rose 80% and 18%, respectively. (Jinshi)