'Export Growth, Trade Surplus, Semiconductor Rebound' Triple Plus Achieved... "Upward Momentum Strengthened" (Comprehensive)

Ministry of Industry, November Export-Import Trends
Exports Positive for Two Consecutive Months, Trade Surplus of $3.8 Billion
Semiconductors Up 12.9%... Successful Rebound After 16 Months

Exports increased by nearly 8% last month, marking the second consecutive month of growth following October. Notably, semiconductor exports, South Korea's largest export item, turned positive for the first time in 16 months, and the trade surplus trend continued for six consecutive months.

According to the "November Export-Import Trends" released by the Ministry of Trade, Industry and Energy on the 1st, last month's export value was $55.8 billion, up 7.8% compared to the same month last year.

Exports renewed this year's highest record set in October, achieving positive export growth for two consecutive months. The export growth rate also reached 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.

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

In particular, semiconductors increased by 12.9%, turning positive for the first time in 16 months since August last year. The Ministry of Trade, Industry and Energy analyzed that the rise in fixed prices of memory semiconductors since October, including a 36.4% surge in memory semiconductor exports, led to the improvement in semiconductor performance in November.

Petrochemicals (5.9%), biohealth (18.8%), and secondary batteries (23.4%) also rebounded after 18, 17, and 8 months respectively. Automobiles (21.5%) saw growth after 17 months, general machinery (14.1%) after 8 months, home appliances (14.1%) after 6 months, and ships (38.5%) and displays (5.9%) maintained positive export trends for four consecutive months.

Exports increased in six out of the nine major export markets last month. Especially, exports to China, South Korea's largest export market, reached $11.4 billion (-0.2%), marking the highest performance this year and maintaining over $10 billion for four consecutive months. Exports to the United States also recorded an all-time high of $10.9 billion, achieving positive growth for four consecutive months. 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.

Last month, imports decreased by 11.6% due to a decline in energy imports (-22.2%), including crude oil (-2.7%), gas (-45.0%), and coal (-40.0%).

Thanks to the recent improvement in exports, the trade balance recorded a surplus of $3.8 billion, the highest in 26 months since September 2021 ($4.28 billion), continuing a six-month streak of trade surpluses since June this year.

Minister of Trade, Industry and Energy Bang Moon-kyu 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 efforts to sustain this export growth trend through the end of the year and into next year to drive our economy's growth."

To this end, the government plans to establish an "Export Package Preferential Guarantee" within the year through cooperation between the five major commercial banks and the Korea Trade Insurance Corporation to alleviate the financial burden on small and medium-sized enterprises and mid-sized companies whose fundamentals have weakened due to prolonged high interest rates. Additionally, the government will reduce overseas certification costs by 20% and introduce a fast-track system for overseas certification for products nearing export to provide swift support. Export consultations and exhibitions will be intensively held at the end and beginning of the year to support overseas marketing. The government will also thoroughly manage external risk factors that could negatively impact exports, such as China's graphite export controls, which take effect from today.

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