Seoul:South Korea's exports surged by 93.7 percent to reach a record $115.3 billion in October, largely fueled by a significant rise in semiconductor shipments, according to data released on Sunday.

According to Yonhap News Agency, the increase in exports was supported by strong global demand for semiconductors and continued investments in artificial intelligence (AI) infrastructure by major technology companies. The Ministry of Trade, Industry and Resources highlighted these factors in a press release.

Imports also rose by 36 percent from a year earlier, totaling $72.78 billion, which resulted in a trade surplus of $42.5 billion. The cumulative exports for the January-October period surpassed $900 billion for the first time, and the ministry anticipates that the nation's annual exports could reach $1 trillion as early as November if the current trend persists.

Semiconductor exports, a crucial component of South Korea's economy, increased by 259 percent from the previous year, amounting to $56.4 billion in October. Other sectors also experienced significant growth, with petroleum product exports rising 80 percent to $6.92 billion, petrochemical products increasing 27.5 percent to $4 billion, and cosmetics exports climbing 57.5 percent to $1.44 billion due to heightened demand in China, the United States, and the European Union.

Automobile exports increased by 18.1 percent to $6.55 billion, driven by a rise in overseas demand for gasoline hybrid models. In terms of export destinations, shipments to China rose by 133.6 percent to $26.98 billion, and exports to the United States surged by 185.8 percent to $24.9 billion, both bolstered by strong demand for semiconductors and other electronic equipment.

Exports to Southeast Asian countries grew 128 percent to $21.33 billion, while those to the European Union increased 56.4 percent to $8.1 billion, with both regions seeing strong shipments of chips and automobiles.

Industry Minister Kim Jung-kwan commented on the global trade environment, noting the challenges posed by rising protectionism, shifts in global supply chains, and geopolitical tensions, particularly in the Middle East. To address these issues, the South Korean government plans to enhance trade cooperation with key export partners and work to eliminate barriers to exports to alleviate the burden on businesses.