South Korea’s exports in November reached $56.35 billion, up 1.4% from a year ago, extending gains to the 14th straight month on the back of record chip shipments.
Imports fell 2.4% year-on-year to $50.74 billion, resulting in a trade surplus of $5.61 billion, according to data by the Ministry of Trade, Industry and Energy on Dec. 1. The country has maintained a trade surplus for 18 consecutive months. The cumulative trade surplus from January to November this year amounted to $45.2 billion.
Five out of the country’s top 15 export items saw year-on-year growth, with semiconductors leading the way. Chip exports rose 30.8% to $12.5 billion, setting a new record for November. This marks the fourth consecutive month of record-breaking semiconductor exports.
“Exports of high-performance memory chips used in AI servers and enterprise solid-state drives (SSDs), showed strong growth in November,” said a trade ministry official.
Biohealth exports surged 19.6% to $1.4 billion, maintaining growth for five consecutive months. Exports were driven by strong contract manufacturing organization (CMO) orders.
Steel exports logged 1.3% year-on-year growth to $2.7 billion, extending gains for two months. Higher export volumes offset a drop in unit prices due to a slow recovery in global demand.
Ship exports soared 70.8% year-on-year to $2.5 billion, driven by exports of high-value-added vessels such as LNG carriers.
Automobile exports, the country’s second-largest export category, fell 13.6% year-on-year to $5.6 billion. The decline was attributed to a strike at a major auto parts manufacturer in early November and delays in wage negotiations, which disrupted parts supplies and reduced automobile production.
“In November, exports faced unexpected challenges, including a strike that disrupted automobile production and severe weather that hindered logistics,” said trade minister Ahn Duk-geun. “Despite these setbacks, we achieved positive export growth for the 14th straight month, driven by strong performances in semiconductors, ships, and other key sectors.”
