Chips drive Korea's exports to record $115.3 billion

South Korea sold a record $115.3 billion of goods abroad in October, 93.7% more than in the same month a year earlier. The figures were released on Sunday, Nov 1, and reported by Yonhap, The Korea Times and The Korea Herald. No earlier month has reached that total.

Semiconductors did most of the work. According to the three outlets, chip shipments rose steeply, made up the bulk of the increase in total exports and hit a record. For investors abroad who follow memory makers, Korea’s monthly trade figures are one of the first hard readings on how much memory the world is taking.

AI spending behind the chip surge

The Ministry of Trade, Industry and Resources gave two reasons in a press release, according to The Korea Herald and The Korea Times. It cited robust demand for chips around the world. It also cited steady outlays by large technology firms on artificial intelligence infrastructure, the computing systems that train and run AI models.

Imports grew too, but at a slower pace. The Korea Herald reported that they totaled $72.78 billion, up 36% on the year.

The ministry’s explanation matters for chip investors because it ties the record to customers’ spending plans, not to a single large order. The release did not break the record down by product. How much came from DRAM, from flash memory or from other chips in October is not yet known.

Memory export prices nearly doubled this year

The Bank of Korea’s monthly indexes show the climb was well under way before October. They run through September, so they predate the new trade figures. Each index sets its 2020 level at 100.

Bank of Korea index, 2020=100	September 2026	Change from August	Change since January
Semiconductor export value	733.03	+29.42%	+196.08%
DRAM export price, in US dollars	289.16	+2.26%	+96.12%
Flash memory export price, in US dollars	245.72	-0.69%	+95.02%

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The two price indexes track what South Korea as a whole charged abroad for DRAM and flash memory. DRAM is the working memory in computers, phones and servers. Flash memory stores data when the power is off. Both indexes gauge memory-chip prices across the country’s exports. They do not show what any single company charged.

By September, both price gauges stood close to twice their January levels. DRAM kept climbing in September, gaining 2.26% from August. Flash slipped 0.69% that month, its index still 95.02% above where it began the year.

The export value index covers all semiconductors and reflects both what chips sold for and how many were shipped. That is why it can move far faster than either price gauge. It jumped 29.42% in September alone and was up 196.08% from January. October’s record export total follows that run. The Bank of Korea’s October readings will show whether memory prices kept rising in the same month.

Seoul’s last close came before the data

The trade figures came out on a Sunday, when Seoul’s stock market was closed. The KOSPI, the city’s main share index, last finished at 5,730.74 on Friday, Oct 30, a drop of 3.48% on the session. That close does not reflect the October data. Chip stocks carry heavy weight in the index, which is one reason the KOSPI swings so widely on some days.

Investors outside Korea who hold the country’s chipmakers through local shares or receipts abroad can see the routes into Korean stocks compared. The first full session after the release will be the first chance for Seoul’s market to trade on the record figures.

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Information only, not investment advice.