'Semiconductor Export Growth' Gyeonggi-do November Exports Reach $12.6 Billion... Record High

Surpassing $10 Billion for 9 Consecutive Months This Year... Record-Breaking November Performance
Semiconductors Account for About 35% of Total Exports... Exports to China Increase by 28%

Reference photo [Asia Economy DB]

[Asia Economy Reporter Ra Young-cheol] Gyeonggi Province, riding on the increase in semiconductor exports, recorded an export amount of $12.6 billion in November this year, about 24% higher than the $10.1 billion during the same period last year.

According to the province on the 28th, last month's export volume accounted for 20.8% of South Korea's total exports in November, making it the largest among metropolitan local governments nationwide, and it has exceeded $10 billion in exports for nine consecutive months since March.

In particular, the province surpassed the highest monthly export record of $12 billion set in July 2021 by a wide margin, setting a new monthly export record for this year. It is also the highest export amount ever recorded in November for the province.

The cumulative export performance from January to November this year reached $124.9 billion, a 19.8% increase compared to $104.2 billion during the same period last year, exceeding last year's total provincial exports of $115.2 billion.

By product category, semiconductors, which account for about 35% of the province's total exports, have exceeded $4 billion in exports for six consecutive months since June, with cumulative exports from January to November increasing by 23.2% compared to the same period last year.

In the case of automobiles, exports in November slowed somewhat due to a shortage of vehicle semiconductors, but cumulative exports from January to November increased by 40.3%.

The major export countries in November included China, the largest export destination accounting for 37% of the province's exports, with exports increasing by 28% to $4.58 billion compared to the same period last year. Semiconductors, the main export item to China, increased by 44%, followed by flat panel displays and sensors (+21%), and optical devices (+145%).

To the United States, the second largest export country, exports increased by 32.9% to $1.67 billion compared to the same period last year. Semiconductors, the main export item to the U.S., increased by 32%, and despite the recent shortage of vehicle semiconductors, automobile exports showed a 52% increase.

To Vietnam, the third largest trading partner, exports recorded $1.14 billion, a 5.6% increase compared to the same period last year. Major items showing growth included flat panel displays and sensors (+30%), wireless communication devices (+6%), and mechanical parts (+23%).

The province analyzed that these achievements were due to the active participation of small and medium-sized enterprises within the province in both online and offline exhibitions and online export consultations.

Ryu Gwang-yeol, Director of the Economic Office, said, "Next year, we will reflect the difficulties of export SMEs in export support policies and respond to the prolonged COVID-19 situation to ensure that companies do not face difficulties in exporting."

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