South Korea's exports more than doubled in the first 10 days of November, rising 111.9% from a year earlier to $33.5 billion, Korea Customs Service data showed on Wednesday, as semiconductor shipments jumped 331.2% to $16.6 billion.

The figures put Asia's most closely watched trade bellwether within weeks of its first $1 trillion export year. For investors in the region, they also show that the memory-chip boom which drove October's 93.7% export jump has not cooled in the fourth quarter, even as U.S. inflation data revived talk of higher interest rates.

Shipments in the Nov. 1-10 period compared with $15.7 billion a year earlier and were the highest on record for the first 10 days of any November, according to Yonhap News Agency. Only September's early-month total of $35.1 billion was larger for a 10-day opening period.

Part of the gain came from the calendar. The period had 7.5 working days, half a day more than a year earlier. Adjusted for that, average daily exports rose 97.7% to $4.46 billion, Yonhap reported, citing the customs data.

Chips make up half of Korea's exports

Semiconductors accounted for 49.7% of all outbound shipments, up 25.3 percentage points from a year earlier and the highest share recorded for a first-10-day period. The 331.2% rise in chip sales was the steepest of any major product.

The AI build-out is lifting related goods as well. Exports of computer peripherals rose 237.7%. Petroleum products more than doubled to $2 billion, helped by higher oil prices. Cars were the weak spot, with exports down 4.3% to $1.4 billion.

Demand rose across Korea's main markets. Exports to China climbed 148% to $9.16 billion, and shipments to the United States rose 163.6% to $6.79 billion. Sales to Taiwan rose 182.5% and to Vietnam 113.3%, while the European Union posted a smaller 20% gain.

Imports rose 45% to $24.7 billion, leaving a trade surplus of $8.8 billion, the largest on record for the period. Chip imports rose 101.3%. Energy imports, including crude oil, gas and coal, rose 86.3%, with gas purchases up 192.1% and crude up 75.8%.

$1 trillion in sight as the won firms

Cumulative exports for the year through Nov. 10 reached $963.6 billion, and the cumulative trade surplus stood at $303.7 billion. That leaves Korea about $36 billion short of $1 trillion. If the current daily average holds, the mark should be passed around Nov. 20, Yonhap said.

The trade data landed on a firmer day for Korean markets. The Kospi, which jumped 4.39% on Tuesday, opened 0.56% lower on Wednesday after a hotter-than-expected U.S. consumer price reading, then reversed to trade 0.68% higher at 5,274.81 by late morning. SK Hynix rose 2.06% and Samsung Electronics gained 0.9%. The won strengthened 7.3 won to 1,337.20 per dollar, according to Yonhap.

The export surge is one of the forces the Bank of Korea is weighing. The central bank held its policy rate at 3% in October after raising it in July and August, to give itself time to assess an economy shaped by strong exports and prolonged Middle East tension, Yonhap reported. Household borrowing is the other pressure point: Bank of Korea data released on Wednesday showed bank household loans rose 5 trillion won in October to a record 1,203.9 trillion won.

The heavy reliance on one product cuts both ways. With chips now half of Korea's shipments, any easing in memory contract prices would show up quickly in the headline numbers, and in the earnings of Samsung and SK Hynix that dominate the Kospi.

The next check is the customs tally for the first 20 days of November, the window in which Korea is expected to cross $1 trillion.