Last Month's Exports Reach $60.44 Billion... Surpassing $60 Billion in a Month for the First Time

November Export and Import Trends

[Image source=Yonhap News]

[Asia Economy Reporter Jusangdon] In November, export value surpassed $60 billion for the first time in the history of South Korea's trade. It exceeded the previous highest export record of September ($55.92 billion) by $4.52 billion, setting a new record in just two months and demonstrating a steep export growth trend.

According to the Ministry of Trade, Industry and Energy, November exports reached $60.44 billion, a 32.1% increase compared to the same period last year.

Exports have recorded an increase for 13 consecutive months. Last November marked the first month of this 13-month continuous growth with a 3.9% increase. Despite the absence of such a COVID-19 base effect last month, exports still showed an increase in the 30% range.

There is a high possibility of achieving the 'largest export and trade scale' on an annual basis. A ministry official stated, "The export amount ($583.8 billion) and trade volume ($1.1375 trillion) from January to November are the highest ever, and it is highly likely that the previous annual record set in 2018 will be surpassed in December."

Among the 15 major items, 13 showed steady growth except for biohealth and automotive parts. Automotive parts slightly decreased due to global automobile production disruptions caused by semiconductor supply issues, and biohealth decreased due to the high base effect from last November (the third highest record), despite recording the fourth highest export amount ever.

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 recorded the top 1 or 2 export values for any November on record.

For the first time ever, exports increased for eight consecutive months across all nine major regions. Exports to China and ASEAN both recorded their highest monthly values ever. Exports to China surpassed $15 billion for the first time, and exports to ASEAN exceeded $10 billion for the first time.