November Exports Turn Positive Again After One Month (Comprehensive)

Despite Fewer Working Days, 4% Increase Compared to Last Year
Total Exports and Daily Average Both 'Positive' After 2 Years

[Asia Economy Reporter Moon Chaeseok] Last month, South Korea's exports rebounded despite the adverse factor of fewer working days compared to the previous year. It is the first time in two years that both total export value and average daily export value increased simultaneously. After exports turned positive in September for the first time in seven months and then dipped into negative in October, they rebounded again last month.

On the 1st, the Ministry of Trade, Industry and Energy announced through the 'November Export-Import Trends (Customs Clearance Basis Preliminary Data)' that last month's exports amounted to $45.808 billion, a 4% increase compared to the same month last year.

Exports rebounded in September for the first time in seven months since the spread of COVID-19, then declined in October, but rebounded again last month. The number of working days was 23, which is 0.5 days fewer than 23.5 days in the same month last year.

An official from the Ministry of Trade, Industry and Energy explained, "It is the first time since March 2018 that total export value recorded a positive figure despite fewer working days than last year." The average daily export value, considering the number of working days, increased by 6.3% compared to the same month last year, reaching $1.992 billion.

By item, exports of 10 out of 15 major items, including semiconductors and automobiles, increased.

Semiconductor exports rose 16.4% year-on-year. It recorded positive growth for five consecutive months and double-digit growth for three consecutive months. Display (21.4%) and wireless communication devices (20.2%) recorded their highest export values and growth rates this year.

Automobile exports increased for three consecutive months for the first time in a year. Last month, they recorded $3.99 billion, the second-highest performance this year following October, which exceeded $4 billion.

By country, all four major markets?China (1%), the United States (6.8%), the European Union (EU, 24.6%), and the Association of Southeast Asian Nations (ASEAN, 6.4%)?recorded positive growth rates in both total export value and average daily export value. This is the first time in three years since November 2017.

Exports to India (10.3%) also increased. However, exports to Japan (-12%) and the Commonwealth of Independent States (CIS, -34.1%) decreased.

Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy said, "Our leading items, semiconductors and automobiles, are strongly supporting the recent export recovery. Exports of high value-added products such as electric vehicles and OLED increased by more than 25% this month alone, and new growth items such as COVID-19 diagnostic kits recorded the highest annual performance ever, strengthening the fundamentals of our exports."

Last month's imports decreased by 2.1% year-on-year to $39.878 billion. The trade balance (exports minus imports) recorded a surplus of $5.93 billion, marking seven consecutive months of surplus.

This content was produced with the assistance of AI translation services.