South Korea’s exports rose for the first time in 13 months in October, per data released by the Ministry of Trade, Industry and Energy. Outbound shipments increased by 5.1% year-on-year to reach $55 billion, attributing the surge to strong automobile exports, which marked a 16-month growth streak with a 19.8% boost to $5.88 billion, especially driven by demand from North America and Europe. Exports of petroleum products also rose by 18%, reaching $5.26 billion. However, the semiconductor sector saw a 3.1% decrease in exports, amounting to $8.94 billion, even though this decline was the smallest since Aug. 2022. 

By region, exports to the U.S. increased by 17.3%, reaching $10.1 billion, primarily driven by the robust demand for cars, machinery and mobile devices. In contrast, shipments to China dropped by 9.5% to $11 billion, primarily due to a decline in steel and display panel exports. Industry minister Bang Moon-kyu commented on the growth, emphasizing the challenges like U.S.-China tensions, global conflicts and high oil prices while affirming the government’s commitment to supporting continued export growth.