Ministry of Industry, November Export-Import Trends
November Exports 1.4%... Up 1.4% YoY
Exports to China Over $11 Billion for 5 Consecutive Months
Exports in November increased by more than 1%, marking the 14th consecutive month of export growth since October last year. Semiconductor exports set a new record high in November, contributing to the export increase. The government plans to concentrate all resources until the end of the year to expand exports.
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. Average daily exports also turned positive after one month, increasing by 3.6% year-on-year to $2.4 billion.
Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy said, "In November, despite unexpected negative factors affecting our exports such as a strike by automobile parts manufacturers leading to reduced automobile production and export logistics disruptions due to bad 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," he said.
In November, exports of 5 out of the 15 major export items increased. Semiconductor exports, Korea's largest export item, reached $12.5 billion (30.8%), setting a record high for November and continuing a positive trend for 13 consecutive months with four consecutive months of monthly record highs. In particular, exports 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 the 11th consecutive month, rising by triple digits (122.3%) to $1.4 billion.
Automobile exports, the second largest export item, recorded $5.6 billion, down 13.6% year-on-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 bad weather, turning exports negative. Petroleum products ($3.7 billion, -18.7%) and petrochemicals ($3.6 billion, -5.6%) exports also decreased year-on-year due to falling export unit prices affected by oil prices and some shipment disruptions caused by bad weather at the end of the month.
On the other hand, biohealth exports recorded $1.4 billion (19.6%), the highest ever for November, marking the 5th consecutive month of increase. Steel exports rose 1.3% to $2.7 billion, increasing for the second consecutive month. Ship exports also turned positive, increasing 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% year-on-year. Exports to the Association of Southeast Asian Nations (ASEAN) turned positive after three months, increasing 0.4% to $9.82 billion, driven by a significant increase in semiconductor exports.
Exports to the European Union (EU) reached a record high of $5.4 billion (0.9%) in November, continuing a positive trend for four consecutive months due to 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 the second consecutive month, and exports to the Commonwealth of Independent States (CIS) ($1 billion, 9.6%) increased for the fifth consecutive month.
Imports in November decreased by 2.4% to $50.74 billion. Energy imports fell 10.8% to $10.71 billion; gas imports increased (6.3%), but crude oil imports decreased (-16.8%) 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 from the same month last year, continuing the surplus trend for 18 consecutive months. The cumulative trade surplus 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 Ahn Deok-geun said, "Starting from the 2nd, we will directly visit export sites to fully support resolving export difficulties and expanding exports. In addition, to mark Trade Day (December 5), we will hold the 'Overseas Marketing Comprehensive Exhibition' with participation from over 150 overseas big buyers to provide business opportunities for Korean export companies. We will reduce uncertainties in our exports and leverage opportunities by inspecting export conditions across the global market together with commercial attach?s and KOTRA in major export regions, and provide customized entry strategies for export companies," he said.
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