Exports rise for second month in November

Home > Business > Economy

Exports rise for second month in November

Published: 01 Dec. 2023, 10:14

SEO JI-EUN
[email protected]

Shipping containers are stacked at a pier in Busan on Nov. 21. [YONHAP]

Korea's exports increased for the second consecutive month in November, fueled by a surge in semiconductor demand, data showed Friday.

Outbound shipments advanced 7.8 percent on-year to $55.8 billion last month, according to the Ministry of Trade, Industry and Energy data.

Exports, a key economic growth engine for Korea, rebounded in October after 13 months of an on-year decline amid aggressive monetary tightening by major economies and a global economic slowdown.

November's export growth came as shipments of semiconductors rebounded for the first time in 16 months. Chip sales jumped 12.9 percent on-year to $9.5 billion, according to the ministry.

Imports fell 11.6 percent on-year to $52 billion last month, as energy imports decreased 22.2 percent on-year, the ministry said. Korea depends on imports for most of its energy needs.

The country logged a trade surplus of $3.8 billion in November, the sixth straight gain. It marked the largest figure since September 2021, when the country reported a $4.28 billion surplus, the data showed.

BY SEO JI-EUN, YONHAP [[email protected]]