Exports Continue to Increase for 14 Consecutive Months

December 24, 2024 by Leave a Comment
https://korean-electronics.com//inquiry

Korea’s exports in November increased by 1.4%, continuing to increase for the 14th consecutive month. The largest export item, semiconductors, continued to increase with the largest exports in November, while automobile exports turned negative due to decreased production and shipping disruptions caused by bad weather.
Exports to the United States and China turned negative, however, slightly decreasing compared to those of last year.
November’s exports amounted to $56.35 billion, up 1.4% from the same month last year. Korea’s exports have continued to increase for 14 consecutive months since the growth rate turned from negative to positive in October last year.
Looking at the trends of the 15 major export items, semiconductor exports increased for 13 consecutive months.

November’s semiconductor exports amounted to $12.5 billion, up 30.8% from the same month last year. This is the largest performance in November ever.
From January to November this year, semiconductor exports increased by 45.4% from the same period last year to $127.4 billion, also breaking the record high.
Computer product exports, including Solid State Drives (SSDs), increased by 122.3% to $1.4 billion, increasing for the 11th consecutive month. Wireless communication device exports increased by 19.7% from last year to $2 billion.
However, the exports of automobiles, the second largest export item after semiconductors, decreased by 13.6% from last year to $5.6 billion in November.
Biohealth exports increased by 19.6% from last year to $1.4 billion, maintaining a positive trend for five consecutive months, and achieving the highest-ever performance in November.
Steel exports, which shook off the previous slump and turned to positive exports in October, increased by 1.3% to $2.7 billion, maintaining an increase for the second consecutive month following the previous month.
Ship exports also turned positive, reaching $2.5 billion, up 70.8% from the same month last year.
By region, exports to the two major markets, the USA and China, decreased by 5.1% and 0.6%, respectively, turning negative.
In November, exports to China were $11.3 billion, recording over $11 billion for the fifth consecutive month, but down 0.6% compared to the same month last year. Exports to the United States were worth $10.4 billion, exceeding $10 billion for the third consecutive month, but down 5.1% from last year.


 
 
korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

Filed Under: KOTRA Tagged With:

Exports

June 26, 2024 by Leave a Comment
https://korean-electronics.com//inquiry

Exports’ Contribute 86% to Korea’s Total Economic Growth

Last year, Korea’s exports played a key role in the nation’s overall economic growth, contributing significantly to production, added value, and employment induction.
According to the Korea International Trade Association (KITA), the contribution of exports to Korea’s economic growth last year was 1.17%p, and it was analyzed that exports led to 86.1% of Korea’s economic growth rate (1.36%) in 2023. The share of exports in real gross domestic product (GDP) also reached 35.7%, the highest since the 2020s.
The production inducement amount of Korea’s exports is estimated to have increased by an annual average of 7.4% since 2020, reaching US$1.2 trillion last year. The production inducement ratio calculated as the production inducement amount compared to the total export amount in 2023 reached 1.94 times, the highest since 2020.

In particular, the production inducement amount of automobile exports was US$231.3 billion, up 21.7% from 2022, and the production inducement ratio was also 2.5 times, significantly exceeding the average (1.9 times).
The value-added rate, which indicates the extent to which total exports create domestic added value, was 64.6%, up 0.4%p from 2022. The top item in value-added inducement in Korea in 2022 was semiconductors, but last year, the added value inducement amount of automobiles (US$65.9 billion) exceeded that of semiconductors (US$62.2 billion).


 
 
korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

Filed Under: Trade news Tagged With:

Exports Continue to Be Positive for Eight Consecutive Months

June 25, 2024 by Leave a Comment
https://korean-electronics.com//inquiry

Last May, Korea’s trade balance recorded a surplus of US$4.96 billion, the highest in 41 months. Major export items such as semiconductors, automobiles, and exports to China are clearly recovering and returning to normal.
According to data recently released by the Ministry of Trade, Industry and Energy (MOTIE), the nation’s exports last month were $58.15 billion, while imports amounted to $53.19 billion, and the trade balance thus recorded a surplus of $4.96 billion.
Exports remained positive for eight consecutive months, and the trade balance reached its highest level in 41 months since December 2020 ($6.7 billion).

This achievement includes the nation’s major export items such as semiconductors and automobiles. Semiconductors recorded $11.38 billion, up 54.5% year-on-year, and continuing a favorable trend for seven consecutive months. Automobile exports also reached $6.49 billion, breaking the record for the highest performance in May ever.
Exports of displays (15.8%), wireless communications (9.4%), and computers (48.4%) also increased, recording export plus for the third consecutive month in all IT items following the previous month.
In addition, exports of 11 out of the 15 major export items increased ― including computers, wireless communications, petrochemicals, automobiles, petroleum products, ships, bio-health, home appliances, and textiles.
Exports to China, which had been sluggish, are also showing signs of recovery. Exports to China reached $11.4 billion, the highest in 19 months since October 2022. Exports to the United States also recorded the highest performance in May ever, reaching $10.9 billion, increasing for the 10th consecutive month.

By region, seven regions, including the United States (15.6%) and China (7.6%), showed an increase. As exports are becoming brisk again, there are optimistic prospects for the nation’s annual economic growth rate to continue growing.
Korean exporters are continuously seeking to expand their business territories in the latter half of this year – and thus to elevate their global awareness in world markets.
For the 6th issue of Korea Buyers Guide, we are about to introduce some Korean exporters with globally competitive export items.


 
 
korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

Filed Under: Cover Story Tagged With:

Korea’s March Exports Rise to $56.6 bn,Giving a Trade Balance Surplus of $4.3 bn

April 26, 2024 by Leave a Comment
https://korean-electronics.com//inquiry

Korea’s exports in March recorded $56.56 bn, a 3.1% increase compared to the same month of last year. The trade balance, which subtracts imports from exports, was calculated to be a surplus of $4.28 bn.
According to the export trends for March 2024 announced by the Ministry of Trade, Industry and Energy (MOTIE), exports in March increased by $1.44 bn compared to the same month of last year, continuing an increase for six consecutive months. MOTIE found it encouraging that exports continued to increase in spite of poor conditions, including reduced working days.
By item, exports of seven out of 15 major export items increased. In particular, IT items (semiconductors, displays, computers, and wireless communication devices) all recorded positive figures for the first time in 24 months since March 2022.
Semiconductor exports (+35.7%), the largest export item, recorded $11.7 bn, the highest performance in 21 months since June 2022 ($12.3 bn). Display (+16.2%) and computer SSD (+24.5%) exports also increased for eight and three consecutive months, respectively. Exports of wireless communication devices (+5.5%) broke the negative trend that had lasted for three months and turned positive.

Ship exports increased by 102.1%, continuing a positive trend for eight consecutive months. The future outlook for the shipbuilding industry is bright as exports of high-value-added vessels such as container ships and LNG carriers are showing strong growth, and exports of offshore plants are also continuing. Bio-health exports also increased by 10%, continuing a positive trend for five consecutive months.
On the other hand, there was a decline in exports of automobiles (-5.0%) and general machinery (-10.0%), which are directly affected by the number of operating days.
By region, exports increased in three regions: the United States, China, and Central & South America. Export amounts to the United States amounted to $10.91 bn, ranking first among all March records. Exports to the United States continued to increase for eight consecutive months.
Exports to China amounted to $10.52 bn, an increase of 0.4% compared to the same month of last year.
The trade balance in March recorded a surplus of $4.28 bn, maintaining a surplus for 10 consecutive months. Exports in the first quarter amounted to $163.7 bn, an increase of 8.3% compared to the same period of last year. However, it did not exceed the export amount of $173.4 bn recorded in 2022.


 
korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

Filed Under: Trade news Tagged With: ,

S. Korea’s exports to China slow down this year

June 19, 2014 by Leave a Comment

South Korea’s exports to China amounted to US$42 billion from January 1 to April 20, according to the Ministry of Trade, Industry and Energy (MOTIE). The figure grew merely 1.5 percent from the same period a year ago.

The growth rate is slower than an 8.7 percent yearon-year (YOY) jump. The portion of China-bound exports out of Korea’s total exports recorded 24.9 percent this year, down from 25.1 percent last year. The ratio was the highest of 26.1 percent last year.

Korea’s exports to China expanded at 2.4 percent in April (estimated figure). This contrasts with those to the United States and ASEAN which recorded a 19.3 percent and 17.0 percent rise, each. This is attributable to China’s sluggish exports and economic growth. China’s exports for the first quarter contracted 3.4 percent while its economy grew 7.4 percent in the first quarter, falling short of its annual growth target of 7.5 percent.

 
 
korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

Filed Under: Trade news Tagged With: ,