Semiconductor Exports Rebound After 16 Months... "Export Growth Trend to Continue Next Year"

Ministry of Industry, November Export-Import Trends
Exports Up 7.8%... Positive Growth for Two Consecutive Months
Trade Surplus of 3.8 Billion USD

Exports increased by nearly 8% last month, marking the second consecutive month of growth following October. The government plans to fully support this upward export trend so that it continues through the end of the year and into next year, driving the growth of our economy.

According to the 'November Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, last month's export value was $55.8 billion, up 7.8% compared to the same month last year.

Kim Wanki, Director of Trade and Investment at the Ministry of Industry, said, "Since the export low point in the first quarter of this year, exports have continued to rise, achieving the highest performance of the year and recording figures much better than those in October. Overall, semiconductors and most manufacturing items are showing improvement."

Exports surpassed the highest performance recorded in October, achieving positive export growth for two consecutive months. The export growth rate also reached 7.8%, the highest since July last year. Export volume continued its upward trend in November as well, increasing by 4.6% for two consecutive months.

Last month, exports of 12 out of the 15 major export items increased, setting a new record for the highest number of export items with positive growth this year. In particular, semiconductors increased by 12.9%, turning positive for the first time in 16 months since August last year. The Ministry of Industry analyzed that memory semiconductors, whose fixed prices have been rising since October, led the improvement in semiconductor performance in November, with memory semiconductor exports surging 36.4%.

Among the nine major export markets last month, exports increased in six markets. Especially, exports to China, our largest export market, reached $11.4 billion (-0.2%), marking the highest performance this year and maintaining over $10 billion for four consecutive months. Exports to the United States also reached a record high of $10.9 billion, achieving positive growth for four consecutive months. As a result of actively responding to trade issues such as the U.S. Inflation Reduction Act (IRA), electric vehicle exports to the U.S. in November surpassed the performance in March this year, setting a new record. Exports to ASEAN reached $9.8 billion, continuing positive growth for two consecutive months. Exports to the EU also turned positive, reaching $5.5 billion.

Last month, imports decreased by 11.6% due to a decline in energy imports (-22.2%), including crude oil (-2.7%), gas (-45.0%), and coal (-40.0%). Thanks to the recent improvement in exports, the trade balance recorded a surplus of $3.8 billion, the highest in 26 months since September 2021 ($4.28 billion), maintaining a surplus trend for six consecutive months since June this year.