Semiconductors and Automobiles Drive Export Growth... Up 8.2% Through the 20th of This Month (Update)

Korea Customs Service Releases Import and Export Figures for November 1-20

Exports increased by more than 8% through the 20th of this month. Semiconductors and automobiles, Korea's main export items, led the overall growth in exports.

According to the Korea Customs Service on November 21, exports from November 1 to 20 reached 38.5 billion dollars, up 8.2% compared to the same period last year.

Containers are piled up at Pyeongtaek Port in Gyeonggi. Photo by Kang Jin-hyung

The number of working days was 15.5, the same as in the previous year. Taking this into account, the average daily export value was 2.48 billion dollars, an increase of 8.2%.

By item, exports of semiconductors (up 26.5%), passenger cars (up 22.9%), and ships (up 2.3%) increased compared to the same period last year, while exports of petroleum products (down 19.3%) and auto parts (down 8.1%) decreased. The share of semiconductor exports rose by 3.7 percentage points to 25.3%.

Exports to China (up 10.2%) and the United States (up 5.7%), Korea's two largest export destinations, both increased. Exports to the European Union (up 4.9%) and Malaysia (up 29.3%) also grew. On the other hand, exports to Vietnam (down 2.5%), Japan (down 3.9%), and India (down 6.5%) declined.

Imports through the 20th of this month amounted to 36.1 billion dollars, up 3.7% from the same period last year. Imports of machinery (up 13.6%), precision instruments (up 8.2%), and passenger cars (up 35.6%) increased, while imports of semiconductors (down 3.8%) and crude oil (down 16.4%) decreased. Imports of energy (crude oil, gas, and coal) also fell by 17.5%.

By country, imports from China (up 5.6%), the United States (up 13.5%), the European Union (up 15.2%), and Japan (up 1.0%) increased, while imports from Taiwan (down 0.1%) and Saudi Arabia (down 35.2%) decreased.

As exports exceeded imports from November 1 to 20, the trade balance recorded a surplus of 2.4 billion dollars. Including this, the cumulative trade surplus from the beginning of the year to November 20 expanded to 58.7 billion dollars.

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