Ministry of Trade, Industry and Energy November Export-Import Trends
Semiconductor Exports Reach Record High in November
Exports to China Surpass $11 Billion for 5 Consecutive Months
Exports in November increased by more than 1%, continuing the export growth trend that began in October last year for 14 consecutive months.
According to the November export-import trends announced by the Ministry of Trade, Industry and Energy on the 1st, exports recorded $56.35 billion, up 1.4% compared to the same month last year. Daily average exports also turned positive after one month, increasing by 3.6% year-on-year to $2.4 billion.
In November, exports of 5 out of the 15 major export items increased. Semiconductor exports, Korea's largest export item, recorded an all-time high of $12.5 billion (30.8%) in November, marking the highest monthly performance for four consecutive months and maintaining a positive trend for 13 consecutive months. In particular, exports have increased every quarter this year, setting a record high of $127.4 billion (45.4%) for the cumulative January-November period. Computer exports also increased for 11 consecutive months, rising by triple digits (122.3%) to $1.4 billion.
Automobile exports, the second largest export item, recorded $5.6 billion, down 13.6% compared to the same month last year. Due to a strike by major automobile parts manufacturers in early November and delays in wage and collective bargaining, parts supply to finished car manufacturers was disrupted, leading to a decrease in automobile production. Additionally, export vehicle shipments were delayed in the last week of November due to adverse weather, causing exports to turn negative. Petroleum products ($3.7 billion, -18.7%) and petrochemicals ($3.6 billion, -5.6%) exports also decreased compared to the same month last year due to a decline in export unit prices affected by oil prices and partial shipment disruptions caused by adverse weather at the end of the month.
On the other hand, biohealth exports recorded an all-time high for November at $1.4 billion (19.6%), marking five consecutive months of increase, and steel exports increased for two consecutive months by 1.3% to $2.7 billion. Ship exports also turned positive, increasing by 70.8% year-on-year to $2.5 billion.
By region, exports increased in 5 out of the 9 major markets. Exports to China reached $11.3 billion, maintaining over $11 billion for five consecutive months, showing a flat trend (-0.6%) compared to the same month last year ($11.3 billion). Exports to the United States recorded $10.4 billion, maintaining over $10 billion for three consecutive months, but decreased by 5.1% compared to the same month last year. ASEAN exports ($9.82 billion, 0.4%) turned positive after three months due to a significant increase in semiconductor exports.
Exports to the European Union (EU) reached an all-time high for November at $5.4 billion (0.9%), continuing a positive trend for four consecutive months with strong exports of ships, wireless communication devices, and biohealth products. Additionally, exports to the Middle East ($1.6 billion, 17.4%) turned positive in November, exports to Latin America ($2.3 billion, 20.3%) increased for two consecutive months, and exports to the CIS ($1 billion, 9.6%) increased for five consecutive months.
Imports in November decreased by 2.4% to $50.74 billion. Energy imports fell by 10.8% to $10.71 billion; gas imports increased (6.3%), but crude oil imports (-16.8%) decreased due to falling oil prices. Non-energy imports remained similar to the same month last year ($40 billion), recording $40 billion (0.1%), with significant increases in semiconductor (25.4%) and semiconductor equipment (86.0%) imports.
Last month's trade balance recorded a surplus of $5.61 billion, up $2.05 billion compared to the same month last year, continuing a surplus trend for 18 consecutive months. The cumulative trade balance from January to November also recorded a surplus of $45.2 billion, the largest since 2018 ($65.5 billion surplus), an increase of $60 billion compared to the same period last year.
Minister of Trade, Industry and Energy Ahn Deok-geun said, "In November, despite unexpected negative factors such as a strike by automobile parts manufacturers leading to reduced automobile production and export logistics disruptions due to adverse weather, we were able to record 14 consecutive months of export growth and 18 consecutive months of trade surplus thanks to the strong performance of key items such as semiconductors and ships. We will focus all available resources as a public-private one team to export even one more dollar by the end of the year to continuously invigorate the economy."
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