November Exports Up 8.4%...Sixth Consecutive Month of Growth (Update)

Ministry of Trade, Industry and Energy Announces November Export and Import Trends
November Exports Reach $61.04 Billion, Highest Ever for the Month
Semiconductors Up 38.6% to $17.26 Billion, "All-Time Record"

Exports in November increased by more than 8%, marking the sixth consecutive month of growth since June this year. Semiconductors achieved record-breaking performance, leading the overall export growth.

According to the “November Export and Import Trends” announced by the Ministry of Trade, Industry and Energy on December 1, exports last month reached an all-time high for November at 61.04 billion dollars, up 8.4% compared to the same period last year. As a result, exports have recorded positive growth for six consecutive months.

Export vehicles and containers are waiting to be loaded at Pyeongtaek Port in Gyeonggi. Photo by Kang Jin-hyung

Accumulated exports from January to November totaled 640.2 billion dollars, breaking the previous record for the same period in just three years. Considering the number of working days, average daily exports rose by 13.3% to 2.71 billion dollars, achieving the highest November performance ever recorded.

In November, exports increased in 6 out of the 15 major export items. Semiconductor exports rose by 38.6% to 17.26 billion dollars, driven by strong demand for high-value memory, especially from data centers, which led to rising memory prices. This marked the ninth consecutive month of growth and set a new all-time high for any period. The accumulated export value for semiconductors from January to November reached 152.6 billion dollars. Even with one month left in 2025, this already surpasses the previous annual record of 141.9 billion dollars set in 2024.

Automobile exports increased by 13.7% to 6.41 billion dollars, supported by strong sales of internal combustion engine and hybrid vehicles. The cumulative exports from January to November reached 66.04 billion dollars, setting a new record for the period. Only 4.83 billion dollars remain to reach the previous annual record of 70.86 billion dollars.

Last month, exports rose in 5 out of the 9 major export regions. Exports to China (12.07 billion dollars, up 6.9%) exceeded 11 billion dollars for the third consecutive month, with balanced growth across key items such as semiconductors, petroleum products, and general machinery. Exports to ASEAN (10.42 billion dollars, up 6.3%) were driven by semiconductors, while exports to the Middle East (2.18 billion dollars, up 33.1%) were buoyed by general machinery and petroleum products, both regions returning to positive growth after one month.

Exports to the United States (10.35 billion dollars, down 0.2%) saw strong results in semiconductors and automobiles, but steel, general machinery, and auto parts weakened due to tariff impacts, resulting in flat overall performance. Exports to the European Union decreased by 1.9% to 5.34 billion dollars as steel and ship exports declined. Exports to Japan (2.32 billion dollars, down 6.8%) and Central and South America (2.17 billion dollars, down 6.6%) also fell.

Imports in November increased by 1.2% to 51.3 billion dollars. While energy imports (8.72 billion dollars, down 18.4%) decreased, non-energy imports (42.58 billion dollars) rose by 6.4%.

Last month, the trade surplus reached 9.73 billion dollars, up 4.17 billion dollars compared to the previous year. The cumulative surplus from January to November this year reached 66.07 billion dollars, exceeding last year’s total surplus of 51.84 billion dollars by 14.23 billion dollars.

Minister of Trade, Industry and Energy Kim Jeonggwan stated, “With the introduction of the ‘Special Act on Strategic Investment Management between Korea and the United States’ on November 26, the requirements for tariff reductions for automobile and parts companies have been met, easing export uncertainties for Korean companies to the US.” He added, “We will strengthen policy support so that our exports can maintain growth momentum in December and continue to play a key role in economic recovery and growth.”

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