November Export Volume Index Rises for 3 Consecutive Months... Export Value Also Rebounds

[Asia Economy Reporter Kim Eun-byeol] The export volume index continued its upward trend for the third consecutive month.

According to the trade index and terms of trade statistics (based on the dollar) released by the Bank of Korea on the 29th, the export volume index in November rose 5.7% compared to a year earlier, marking three consecutive months of increase. Following a 13.4% rise in September and a 0.1% increase in October, the upward trend continued in November.

By item, computers, electronic and optical equipment (12.2%), chemical products (12.6%), and electrical equipment (16.5%) increased due to the spread of remote work and the recovery of demand in related industries in some countries. Coal and petroleum products (-27.9%) and machinery and equipment (-12.7%) decreased due to the impact of low oil prices.

The export value index rose 3.8% compared to a year earlier, mainly driven by strong exports of semiconductors, pharmaceuticals, and home appliances, including computers, electronic and optical equipment (16.9%), chemical products (11.0%), and electrical equipment (18.4%). Although it fell by 3.5% last month, it turned upward again.

The import volume index in November rose 9.1% year-on-year, centered on computers, electronic and optical equipment (15.2%), and machinery and equipment (25.9%). The import volume index also increased for three consecutive months.

The import value index fell 0.6%, continuing its downward trend for the eighth consecutive month. Imports of mining products (-33.6%), coal and petroleum products (-35.9%), and primary metal products (-5.9%) decreased due to the decline in international oil prices and sluggish domestic demand in related industries.

The export-import value index is an indicator calculated by dividing the export-import value at the given time (based on the dollar) by the export-import value at the base period (2015). The export-import volume index is calculated by dividing the export-import value index by the export-import price index. However, among import amounts (based on customs clearance), items such as ships, weapons, aircraft, and artworks are excluded. This is because it is difficult to survey prices for these items, making it impossible to calculate the import price index.

The net barter terms of trade index, which indicates the quantity of imports that can be purchased with the proceeds from exporting one unit of goods, rose 7.8% compared to November last year, continuing its upward trend for eight consecutive months. This is because import prices (-8.9%) fell more sharply than export prices (-1.7%).

The income terms of trade index in November rose 14.0% compared to the same month last year, marking six consecutive months of increase.

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