Exports gain for 14th straight month in November at $56B
Published: 01 Dec. 2024, 17:03
Outbound shipments rose 1.4 percent from a year earlier to $56.3 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.
Imports shed 2.4 percent on year to $50.7 billion, resulting in a trade surplus of $5.61 billion. Korea has been maintaining a trade surplus for 18 consecutive months.
By sector, exports of semiconductors shot up 30.8 percent to hit $12.5 billion, marking the highest amount for any November. It was also the fourth consecutive month the country has set a new monthly high for chip exports.
The ministry attributed the growth to premium models, including high bandwidth memory chips.
Outbound shipments of automobiles, on the other hand, tumbled 13.6 percent on year to $5.6 billion, due to production disruptions following major auto parts makers' strikes in November. The ministry added that weather conditions also hindered shipments of automobiles late last month.
Exports of petroleum and petrochemical products dipped 18.7 percent and 5.6 percent, respectively, due to falling crude prices.
The biohealth sector logged 19.6 percent on-year growth to $1.4 billion, maintaining growth for five straight months. Exports of ships spiked 70.8 percent on year to $2.5 billion.
Exports of batteries decreased 26.3 percent to $658 million due to weaker global demand for electric vehicles.
By destination, exports to China, the top trading partner, edged down 0.6 percent to $11.28 billion, as weaker consumer sentiment in Asia's top economy led to sluggish demand for mobile devices.
Exports to the United States fell 5.1 percent to $10.39 billion due to losses in the automobile and machinery sectors, although shipments of semiconductors gained ground on strong demand from the data center and cloud computing industries.
Outbound shipments to Southeast Asian nations edged up 0.4 percent, supported by chip exports, and those to the European Union increased 0.9 percent, driven by higher demand for biohealth products and ships.
"In November, there were unexpected hurdles in exports, including the strike by auto parts makers, which led to decreased car production, and weather conditions that disrupted shipments," Industry Minister Ahn Duk-geun said in a statement.
"However, Korea has been able to maintain export growth for 14 straight months, along with 18 consecutive months of trade surplus, thanks to the strong performance of key items, including chips and ships," Ahn added.
Over the January-November period, Korea's exports shot up 8.3 percent on-year to $622.2 billion, compared to the 7.4 percent decrease recorded for all of 2023.
Yonhap
Yonhap
with the Korea JoongAng Daily
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