Why Korea's early-October exports doubled — chips up 170.9%, plus two extra working days
South Korea's exports from October 1 to 10, 2026 reached $26.1 billion, up 102.0% year on year and a record for the period, the Korea Customs Service said on October 12. Two forces doubled the number: semiconductor exports rose 170.9% to about $12.2 billion, or 46.7% of the total, and there were 5.5 working days versus 3.5 a year earlier, when Korea's Chuseok harvest holiday fell in early October. Stripping out the calendar effect, daily average exports rose 28.5% to $4.75 billion, still a record. Imports rose 65.5% to $22.3 billion, for a $3.8 billion trade surplus.
The three lines
- Headline — exports $26.1 billion for October 1-10, 2026, up 102.0%; previous record for the period was $15.3 billion in 2024
- Driver 1, chips — ~$12.2 billion, up 170.9%, 46.7% share. Driver 2, calendar — 5.5 working days vs. 3.5 (Chuseok last year)
- Underlying — daily average $4.75 billion, up 28.5%, a record. Imports $22.3 billion (+65.5%), surplus $3.8 billion
Key questions
- Korea exports October 1-10 2026
- **$26.1 billion, up 102.0% from a year earlier — a record for the period.** | Item | Oct. 1-10, 2026 | Change | |---|---|---| | Exports | $26.1B | +102.0% | | Imports | $22.3B | +65.5% | | Trade balance | +$3.8B | — | | Working days | 5.5 | +2 | | Daily average exports | $4.75B | +28.5% | | Chip exports | ~$12.2B | +170.9% |
- Why did Korean exports double in October
- **A chip boom and a calendar quirk. Adjusted for working days, growth was 28.5%.** | Factor | Size | Explanation | |---|---|---| | Semiconductors | +170.9% | AI server memory demand and higher prices | | Working days | 3.5 → 5.5 | Chuseok holidays (Oct. 3-9) fell in last year's period | | Daily average | +28.5% | Calendar-adjusted underlying growth |
- Korea semiconductor share of exports 2026
- **46.7% in October 1-10, up 11.9 percentage points from a year earlier.** | Period | Chip share | |---|---| | Oct. 1-10, 2025 | ~34.8% | | Aug. 1-10, 2026 | 46.8% | | August 2026 | 47.5% | | Oct. 1-10, 2026 | 46.7% |
Korea's export total doubled, but two engines did the work. The Korea Customs Service said on October 12, 2026 that exports for October 1-10 rose 102.0% from a year earlier to $26.1 billion. The previous record for the period was $15.3 billion in 2024. One engine is semiconductors, up 170.9% to about $12.2 billion. The other is the calendar: last year Korea's Chuseok harvest holidays fell in early October, leaving just 3.5 working days in the period, against 5.5 this year.
So the number needs splitting. Adjusted for working days, exports grew 28.5%, not 102%. That daily average of $4.75 billion is still a record.
1. Splitting 102% in two
| Item | Oct. 1-10, 2025 | Oct. 1-10, 2026 | Change |
|---|---|---|---|
| Total exports | ~$12.9B | $26.1B | +102.0% |
| Working days | 3.5 (derived) | 5.5 | +2 |
| Daily average | ~$3.7B | $4.75B | +28.5% |
| Chips | ~$4.5B | ~$12.2B | +170.9% |
| Chip share | ~34.8% | 46.7% | +11.9 pts |
Korea's trade statistics count weekdays as one working day, Saturdays as half and holidays as zero. In 2025, Chuseok and adjacent public holidays ran from October 3 through October 9. In 2026 only October 5 (a substitute holiday for National Foundation Day, which fell on a Saturday) and October 9 (Hangul Day) were off. A low base from last year inflates this year's growth — a classic base effect. Our evergreen explainer on working days walks through the calculation.
2. What grew, and where
| Product | Change | Destination | Change |
|---|---|---|---|
| Semiconductors | +170.9% | China | +167.3% |
| Computer peripherals | +260.5% | United States | +159.9% |
| Passenger cars | +82.7% | EU | +127.3% |
| Wireless devices | +62.6% | Vietnam | +89.7% |
| Steel | +49.4% | Top-3 share | 52.3% |
| Petroleum products | +45.6% | — | — |
| Ships | -13.4% | — | — |
The working-day effect lifts every product equally. With 57% more working days (3.5 to 5.5), gains such as steel's 49.4% are actually declines on a daily basis. Only chips (+170.9%) and computer peripherals (+260.5%) clearly beat the calendar effect — both driven by AI server demand and soaring memory prices. Ships fell 13.4% despite the extra days.
3. Imports up 65.5% — surplus $3.8 billion
| Import | Value | Change |
|---|---|---|
| Crude oil | $4.26B | +56.2% |
| Semiconductors | $3.26B | +66.7% |
| Gas | $1.44B | +125.5% |
| Energy (oil, gas, coal) | — | +64.8% |
| Petroleum products | — | -10.9% |
Gas imports more than doubled, more than the calendar alone explains, as oil hovering near $100 a barrel lifted energy import bills. Chip imports rose with demand for the components and equipment used to make export memory. Exports still outran imports, leaving a $3.8 billion surplus, a record for early October.
4. What to watch
- Stocks vs. trade: Exports are at records, but Korean chip stocks slipped in October. Money Today reported the IT sector was down 3.23% month-to-date as of October 8; on October 12 Samsung Electronics (-3.6%) and SK hynix (-3.4%) fell after China's CXMT flagged progress on next-generation 4F² DRAM.
- Preliminary data: These are ten-day estimates; full-month October data comes in early November.
- Chip figure: Reports mix $11.2 billion and $12.2 billion; we use $12.2 billion, consistent with the 46.7% share.
- Strong won: Whether chip-dollar inflows keep pushing the won higher — it hit an 18-year high against the yen in the week of October 5 — depends on the rest of October.