Exports Post Six Consecutive Months of Growth... Will This Year's Total Surpass $700 Billion? (Comprehensive)

November Exports Reach Record High of $61.04 Billion
Cumulative Exports for January to November Total $640.2 Billion
$59.8 Billion Needed to Achieve $700 Billion Target

Last month, exports reached a record high for November at 61 billion dollars, marking six consecutive months of growth. This was driven by strong performances in semiconductor and automobile exports. With this, approximately 59.8 billion dollars remain to achieve the government’s annual export target of 700 billion dollars.

According to the “November Export and Import Trends” announced by the Ministry of Trade, Industry and Energy on December 1, exports last month totaled 61.04 billion dollars, the highest ever for November, representing an 8.4% increase year-on-year. Exports have now recorded positive growth for six consecutive months.

Export vehicles and containers are waiting to be loaded at Pyeongtaek Port in Gyeonggi Province. Photo by Kang Jinhyung

From January to November this year, cumulative exports amounted to 640.2 billion dollars, breaking the all-time record for the same period in three years. Factoring in the number of working days, average daily exports increased by 13.3% to 2.71 billion dollars, also the highest ever for November.

The government previously set this year’s export target at 700 billion dollars. To achieve this, exports in December must exceed 59.8 billion dollars. Considering that exports in December last year were 61.4 billion dollars, reaching the 700 billion dollar target appears highly likely. However, the government remains cautious. A Ministry of Trade, Industry and Energy official stated, “Despite challenging export conditions due to the spread of global protectionism, including U.S. tariffs, Korean companies have demonstrated their ability to turn crises into opportunities, resulting in six consecutive months of export growth. We will do our utmost to achieve 700 billion dollars in exports this year.”

In November, exports increased for six out of the fifteen major export items. Semiconductor exports rose by 38.6% to 17.26 billion dollars, driven by strong demand for high-value memory, particularly from data centers, which led to rising memory prices. This marked nine consecutive months of growth and set a new all-time record for the period. Including this, cumulative semiconductor exports 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. Cumulative automobile exports from January to November reached 66.04 billion dollars, setting a new record for the period. Only 4.83 billion dollars remain to surpass the previous annual record of 70.86 billion dollars.

Last month, exports increased in five out of the nine major export regions. Exports to China (12.07 billion dollars, up 6.9%) exceeded 11 billion dollars for the third consecutive month, with steady growth across key items such as semiconductors, petroleum products, and general machinery. Exports to ASEAN (10.42 billion dollars, up 6.3%) rebounded due to semiconductors, while exports to the Middle East (2.18 billion dollars, up 33.1%) turned positive after one month, driven by general machinery and petroleum products.

Exports to the United States (10.35 billion dollars, down 0.2%) remained flat. While semiconductors and automobiles performed well, many items such as steel, general machinery, and auto parts weakened due to tariff effects. Exports to the European Union decreased by 1.9% to 5.34 billion dollars, as steel and ships 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. Energy imports (8.72 billion dollars, down 18.4%) declined, but non-energy imports (42.58 billion dollars) rose by 6.4%.

Last month, the trade surplus reached 9.73 billion dollars, an increase of 4.17 billion dollars year-on-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.

Kim Jeongkwan, Minister of Trade, Industry and Energy, stated, “With the introduction of the ‘Special Act for 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 uncertainties for Korean companies exporting to the U.S. We will strengthen policy support to ensure that export growth momentum continues in December, enabling exports to play a key role in economic recovery and growth.”

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