November Exports Up 7.8%... Positive Growth for Two Consecutive Months (Update)

Ministry of Industry, November Export-Import Trends
Trade Surplus $3.8 Billion · Imports Down 11.6%
Semiconductor Exports Up 12.9%... Successful Rebound After 16 Months

Exports increased by nearly 8% last month, marking the second consecutive month of growth following October. In particular, semiconductor exports, South Korea's largest export item, successfully turned positive for the first time in 16 months.

According to the 'November Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, export value reached $55.8 billion, up 7.8% compared to the previous year.

Exports set a new monthly record for this year within just one month, achieving positive export growth for two consecutive months. The export growth rate also recorded 7.8%, the highest since July last year. Export volume continued its upward trend in November with a 4.6% increase, marking two consecutive months of growth.

In November, exports increased in 12 out of the 15 major export items, setting a new record for the highest number of export items with positive growth this year.

Notably, semiconductors increased by 12.9%, turning positive for the first time in 16 months since August last year. Petrochemicals (5.9%), biohealth (18.8%), and secondary batteries (23.4%) also rebounded after 18, 17, and 8 months respectively. Automobiles (21.5%) maintained positive growth for 17 consecutive months, general machinery (14.1%) for 8 months, home appliances (14.1%) for 6 months, and ships (38.5%) and displays (5.9%) continued positive export trends for 4 consecutive months.

Last month, exports increased in 6 out of the 9 major export markets. In particular, exports to China, South Korea's largest export market, recorded $11.4 billion (-0.2%), the highest this year, maintaining over $10 billion for four consecutive months. Exports to the United States also achieved a record high of $10.9 billion, marking four consecutive months of positive growth. As a result of actively responding to trade issues such as the U.S. Inflation Reduction Act (IRA), electric vehicle exports to the U.S. in November surpassed the March performance this year, setting a new record. Exports to ASEAN reached $9.8 billion, continuing positive growth for two consecutive months. Exports to the EU also turned positive, reaching $5.5 billion.

In November, imports decreased by 11.6% due to a decline in energy imports such as crude oil (-2.7%), gas (-45.0%), and coal (-40.0%), resulting in an overall 22.2% decrease in energy imports.

Last month, the trade balance recorded a surplus of $3.8 billion, the highest in 26 months since September 2021 ($4.28 billion), supported by the recent improvement in exports. This marked six consecutive months of trade surplus since June this year.

Visit Kyoo, Minister of Trade, Industry and Energy, stated, "In November, we achieved a 'triple plus' with two consecutive months of positive export growth, six consecutive months of trade surplus, and a positive turnaround in semiconductor exports, solidifying the upward momentum of exports. We will fully support this export growth trend to continue through the end of the year and into next year, leading the growth of our economy."

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