Semiconductor exports also rise

Exports increased in November this year compared to last year, continuing the ‘export plus’ trend for two consecutive months. Exports of semiconductors, Korea’s main product, also turned to growth for the first time in the 16 months since August last year. With export recovery becoming increasingly evident, the trade balance also remained in surplus for six consecutive months. Exports in November amounted to US$55.8 billion, up 7.8% from the same month last year.

Korea’s monthly exports had decreased for 12 consecutive months from October of last year to last September due to the sluggish exports of semiconductors and falling exports to China. However, after exports turned to an increase in October 2023, the recovery appears to have become more evident in November 2023.
This year’s total export volume is also on a steady upward trend. Exports, which fell to $46.3 billion last January, have trended upward and reached the highest level of the year in November.
By item, exports of 12 of the 15 major export items increased, showing the largest increase this year.
Semiconductor exports, which were a key factor in Korea’s overall export slump, were also beginning to recover in November, increasing by 12.9% to $9.5 billion.
The rising export trend of automobiles (21.5%), general machinery (14.1%), home appliances (14.1%), and ships (38.5%) continued, and in November, exports of petrochemicals (5.9%) and biohealth (18.8%), and secondary batteries (23.4%) ‒ all of which had recently been sluggish ‒ also increased.
By region, there were increased exports to six of Korea’s nine major export markets. Exports to the United States recorded $10.9 billion, increasing compared to the same month last year for four consecutive months ‒ while exports to ASEAN and the European Union (EU) also increased.
Exports to China, the largest export market, decreased by 0.2%, falling slightly short of an upward trend. However, exports in November recorded $11.4 billion, continuing to exceed $10 billion for four consecutive months, showing signs of recovery since last summer.
Korea’s imports in November amounted to $52 billion, down 11.6% from the same month last year. The decline in energy import prices had a significant impact, with total energy imports decreasing by 22.2%, with gas and coal imports decreasing by 45% and 40%, respectively.

As a result, the trade balance in November showed a surplus of $3.8 billion. It has been in surplus for six consecutive months since last June. November’s trade surplus is the largest in 26 months since September 2021.
 
 
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