AI算力狂潮之下存储芯片需求激增！ 韩国出口在关税与假期夹击中逆势反弹

Core Insights - The strong rebound in South Korea's exports in October is closely linked to the booming demand for storage chips, which has significantly outperformed the negative impacts of U.S. tariffs and holiday-related disruptions [1][2] - Adjusted for working days, South Korea's exports increased by 14% year-on-year in October, while imports fell by 1.5%, resulting in a trade surplus of approximately $6.1 billion [1] - The semiconductor sector, particularly storage chips, is driving a substantial increase in exports, with a year-on-year growth of 25.4% in semiconductor exports due to strong demand from AI infrastructure and traditional cloud computing servers [2][4] Export Performance - October's overall exports, without adjusting for working days, showed a year-on-year increase of 3.6%, reflecting the impact of the holiday season and calendar effects [1] - The export rebound occurred despite a significant reduction in working days due to the Chuseok holiday, indicating robust underlying demand [1] Trade Agreements - The recent trade agreement between South Korea and the U.S. set the tariff cap on South Korean goods at 15%, which is a significant reduction from the previous 25% on automotive imports, enhancing competitiveness for South Korean manufacturers [2][3] - This agreement was reached shortly before the release of the strong export data, potentially alleviating some economic pressures ahead of the Bank of Korea's monetary policy decision [3] Semiconductor Industry Dynamics - The storage chip sector is crucial for South Korea's economy, with major players like SK Hynix and Samsung leading the market [4] - The demand for storage chips is expected to continue growing due to the increasing need for AI computing infrastructure, which is driving a "super cycle" in the storage industry [5][6] - Analysts predict that the supply of storage chips will remain tight, with price increases expected to persist through 2026 and possibly into 2027, reminiscent of the previous super cycle in 2017-2018 [6][7]