"Strong Export Performance This Month... 'Growth Trend to Continue for 14 Consecutive Months'"

Export and Import Status from November 1 to 20

Export growth continued in November. Exports showed an increase of nearly 6% up to the 20th of this month, maintaining the 'export plus' trend that began in October last year.

According to the Korea Customs Service on the 24th, export value from the 1st to the 20th of this month was $35.6 billion, up 5.8% compared to the same period last year. The number of working days from the 1st to the 20th was 15.5 days, the same as the previous year. Considering this, the average daily export value was $2.3 billion, an increase of 5.8%.

Accordingly, the cumulative export value up to the 20th of this year reached $601.452 billion, an 8.8% increase compared to the same period last year.

Key export items also showed favorable trends this month. Semiconductors increased by 42.5%, steel products by 11.1%, ships by 77.1%, and computer peripherals by 73.5%. However, exports of passenger cars (-17.7%), petroleum products (-10.4%), and wireless communication devices (-12.2%) decreased. By country, exports to China (3.5%), Vietnam (16.3%), and the European Union (EU, 7.5%) increased, while exports to the United States (-2.5%) and Japan (-0.6%) declined.

Imports from the 1st to the 20th amounted to $34.8 billion, a 1.0% decrease compared to the same period last year. Imports of semiconductors (23.4%) and semiconductor manufacturing equipment (134.8%) increased, while crude oil (-23.7%), gas (-5.2%), and petroleum products (-18.8%) decreased. Energy imports including crude oil, gas, and coal also fell by 17.2%. Imports from China (2.0%), the EU (2.4%), and Japan (12.6%) increased, but those from the United States (-14.1%) and Saudi Arabia (-30.2%) decreased.

The trade balance up to the 20th of this month recorded a surplus of $798 million. Including this, the annual cumulative trade surplus reached $40.364 billion.

An official from the Ministry of Trade, Industry and Energy stated, "Exports up to the 20th of this month increased compared to the same period last year, supported by steady growth in key items such as semiconductors, ships, and steel, continuing the upward momentum. Overall in November, based on solid growth in key items such as semiconductors, computers, and ships until the end of the month, we expect to maintain the export plus trend for 14 consecutive months and the surplus trend for 18 consecutive months."

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