SEOUL — South Korea's exports experienced a 2.2 percent increase in the first 20 days of November, primarily driven by heightened demand for semiconductors and vehicles. This information was revealed in data published on Tuesday.
According to Yonhap News Agency, outbound shipments in the period from November 1 to 20 amounted to US$33.79 billion, compared to $33.07 billion recorded in the same period last year. Per-day exports also saw a 2.2 percent rise, reaching $2.18 billion. This increase comes after a 5.1 percent on-year growth in October, which was the first rise in 13 months, largely fueled by global chip sales.
However, imports during the first 20 days of November decreased by 6.2 percent on-year to $35.21 billion, leading to a trade deficit of $1.4 billion. The export growth was primarily led by robust global sales of South Korean semiconductors and vehicles. Semiconductor exports, a critical export item for the country, went up by 2.4 percent to $5.41 billion, marking the first on-year growth for this period since September last year. Despite a continuous monthly decline for 15 months through October, chip exports constituted 16 percent of the country's total exports. Additionally, auto exports surged by 20.1 percent to $3.76 billion.
Other notable changes included a slight increase in petroleum product shipments and a significant jump in electronics exports. However, steel exports and auto parts shipments saw a decrease.
Regarding export destinations, sales to China, South Korea's largest trading partner, declined by 2.4 percent. In contrast, exports to the United States and Vietnam saw significant increases, while exports to the European Union decreased, and those to Japan increased.
An industry ministry official forecasted that semiconductor sales are expected to grow this month, contributing to the overall export growth. The South Korean government remains committed to supporting exporters and anticipates a gradual recovery in exports, a key driver of the country's economic growth.