Kijigae Kyeoneun Han Export 4%↑ in November... Total Export and Daily Average Both 'Plus' for the First Time in 2 Years (Update)

Ministry of Trade, Industry and Energy Announces 'November Export-Import Trends' (Provisional Customs Data)
Average Daily Exports Up 6.3% to $1.99 Billion Considering Working Days
Total and Daily Exports to 4 Major Markets (China, US, EU, Asia) Both Positive for First Time in 3 Years

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Last month, South Korea's exports recorded $45.88 billion, a 4% increase compared to the same month last year. Although the number of working days was 23, fewer than the 23.5 days in November last year, the average daily export also rose by 6.3%.

This marks the first time in two years since November 2018 that both total export value and average daily export value have recorded positive growth.

According to the 'November Export-Import Trends' (provisional customs clearance basis) announced by the Ministry of Trade, Industry and Energy on the 1st, last month's exports amounted to $45.88 billion, a 4% increase from November last year.

After the spread of the novel coronavirus disease (COVID-19), exports rebounded positively in September for the first time in seven months, then declined in October after one month, but rebounded again last month.

The Ministry explained, "Despite fewer working days than last year, the total export value recorded positive growth for the first time in 2 years and 8 months since March 2018."

Considering the number of working days, the average daily export value was $1.992 billion, a 6.3% increase compared to the same month last year.

By item, exports of 10 out of 15 major items, including semiconductors and automobiles, increased.

Semiconductor exports increased by 16.4% year-on-year, marking five consecutive months of positive growth and three consecutive months of double-digit growth rates.

Display (21.4%) and wireless communication devices (20.2%) recorded their highest export values and growth rates this year. Display exports showed positive growth for two consecutive months after recording positive growth for the first time in 2 years and 2 months in October.

Automobile exports increased for three consecutive months for the first time in a year. They recorded $3.99 billion, which is the second highest export performance this year since October, when exports exceeded $4 billion for the first time in 2 years and 11 months since November 2017.

By export destination, all four major markets?China (1%), the United States (6.8%), the European Union (EU, 24.6%), and ASEAN (6.4%)?recorded positive growth in both total export value and average daily export value. This is the first time in three years since November 2017.

Exports to India increased by 10.3%, while exports to Japan (-12%) and the Commonwealth of Independent States (CIS, -34.1%) decreased.

Last month's imports decreased by 2.1% year-on-year to $39.878 billion. The trade balance (exports minus imports) recorded a surplus of $5.93 billion, marking seven consecutive months of surplus.