South Korea's October exports more than double, led by booming chip shipments

According to the Korea Customs Service, South Korea's outbound shipments totaled $61.6 billion during the first 20 days of October, a record for that timeframe. The surge was powered by semiconductor exports, which climbed to $27.5 billion and represented 44.7% of total exports. Petroleum products, automobiles and steel also posted sizable increases.

Imports grew 42.8% year-on-year to $47.1 billion, resulting in a $14.5 billion trade surplus. Export growth was strongest to China and the United States, while shipments to Vietnam and the EU also rose sharply. Year-to-date, total exports reached $876.3 billion, up 59.5% from the previous year, and the cumulative trade surplus stands at $266.9 billion.