South Korea's chip exports surged 259% in October, with export value rising 93.7% year-over-year.

Driven by the ongoing artificial intelligence boom, South Korea’s exports continued to post strong growth in October, further boosting the export momentum of its trade-reliant economy. Data released Sunday by South Korea’s Ministry of Trade, Industry and Energy shows that, adjusted for working-day differences, October’s exports rose 76.1% year-on-year to $115.3 billion, below the previous month’s record of $121.1 billion. Unadjusted figures show October exports jumped 93.7% year-on-year, imports rose 36%, resulting in a trade surplus of $42.5 billion. South Korea’s revised year-on-year export growth for September was 83.7%. The sustained strong exports have further reinforced market expectations that the Bank of Korea will raise interest rates this month. Semiconductors remain 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 auto exports increased 80% and 18% respectively. (Jinshi)