South Korea's Exports Continue to Rise for the 14th Consecutive Month Driven by Robust Chip Sales

Seoul, Dec 1 (NationPress) In November, South Korea's exports saw an on-year increase for the 14th consecutive month, as reported on Sunday, largely due to the impressive performance of semiconductors.

Outbound shipments grew by 1.4 percent compared to the previous year, reaching US$56.3 billion last month, according to data released by the Ministry of Trade, Industry and Energy.

Meanwhile, imports fell by 2.4 percent on-year to $50.7 billion, resulting in a trade surplus of $5.61 billion. South Korea has sustained a trade surplus for 18 consecutive months, as reported by the Yonhap news agency.

Examining sector performance, exports of semiconductors surged by 30.8 percent to reach $12.5 billion, achieving the highest figure for any November. This marks the fourth consecutive month in which the country has set a new record for chip exports.

The ministry credited this growth to premium models, including high-bandwidth memory chips.

In contrast, outbound shipments of automobiles fell by 13.6 percent on-year to $5.6 billion, primarily due to production disruptions caused by a significant strike among major auto parts manufacturers in November. The ministry also noted that adverse weather conditions impacted automobile shipments late last month.

Exports of petroleum and petrochemical products decreased by 18.7 percent and 5.6 percent, respectively, as a result of declining crude prices.

The biohealth sector recorded an impressive growth of 19.6 percent on-year, reaching $1.4 billion, thus maintaining its growth for five consecutive months. Additionally, exports of ships surged by 70.8 percent on-year to $2.5 billion.

However, exports of batteries dropped by 26.3 percent to $658 million due to declining global demand for electric vehicles.

In terms of export destinations, shipments to China, the top trading partner, decreased by 0.6 percent to $11.28 billion, as weakened consumer sentiment in Asia's leading economy resulted in reduced demand for mobile devices.

Exports to the United States fell by 5.1 percent to $10.39 billion due to downturns in the automobile and machinery sectors, although shipments of semiconductors benefited from strong demand from the data center and cloud computing sectors.

Outbound shipments to Southeast Asian nations slightly increased by 0.4 percent, supported by chip exports, while those to the European Union rose by 0.9 percent, fueled by higher demand for biohealth products and ships.