November Exports Surpass $60 Billion for the First Time Ever... Up 32.1% Year-on-Year

Exports in November Reach $60.44 Billion, Marking 13 Consecutive Months of Growth
Exports of Key Items Increase Except for Auto Parts and Biohealth

[Sejong=Asia Economy Reporter Kwon Haeyoung] In November this year, our exports surpassed $60 billion for the first time in a single month. Thanks to the increase in exports of major items excluding automobile parts and biohealth, exports grew by more than 30% compared to the previous year, continuing the export growth trend for 13 consecutive months.

The Ministry of Trade, Industry and Energy announced on the 1st that last month's export amount was recorded at $60.44 billion, an increase of 32.1% compared to the same period last year.

This is the first time since trade statistics began to be compiled in 1956 that the export amount exceeded $60 billion in a single month. It took 8 years and 1 month to leap to the $60 billion level after first entering the $50 billion mark in October 2013. The previous highest export amount of $55.92 billion recorded in September was also surpassed in just two months.

The average daily export amount recorded $2.519 billion, an increase of 26.6% compared to the same period last year.

Our exports have increased for 13 consecutive months since November last year. Even last month, when the COVID-19 base effect was minimal, high growth of over 30% compared to the previous year was achieved.

Among the 15 major export items, 13 increased, driving the overall export performance. Key items such as semiconductors, petrochemicals, general machinery, steel, and computers, as well as new growth items like agricultural and marine products and cosmetics, all ranked first or second in historical November export records. However, exports of automobile parts decreased due to global automobile production disruptions caused by supply issues of automotive semiconductors, and biohealth exports declined due to a high base effect in November last year.

By region, exports increased in all nine major regions. Exports to China and ASEAN both recorded monthly highs, achieving historic firsts by surpassing $15 billion and $10 billion respectively.

Last month's import amount was $57.36 billion, an increase of 43.6% compared to the same period last year, and the trade balance, which represents the difference between exports and imports, continued a surplus for 19 consecutive months at $3.09 billion.