Chip boom lifts South Korea's November exports 8.4 percent

SEOUL, December 01 (AJP) - South Korea’s exports rose more than 8 percent in November from a year earlier, extending their growth streak to six consecutive months and putting the country on course to reach an annual export of $700 billion for the first time.

The Ministry of Trade, Industry and Energy said Monday that outbound shipments reached $61.04 billion in November, up 8.4 percent on-year. Average daily exports, adjusted for working days, climbed 13.3 percent to $2.71 billion, the highest level ever recorded for the month.

Cumulative exports from January to November totaled $640.2 billion, an increase of $17.9 billion from a year earlier and surpassing the previous January–November record set in 2022.

Semiconductors once again led the expansion. Chip exports surged 38.6 percent to $17.26 billion, buoyed by strong demand for high-value memory products used in data centers. The sector’s cumulative shipments reached $152.6 billion, already exceeding last year’s full-year total of $141.9 billion.

Automobiles also performed strongly, with exports up 13.7 percent to $6.41 billion, bringing year-to-date shipments to a record $66.04 billion. Wireless communication devices rose 1.6 percent to $1.73 billion, while secondary battery exports edged up 2.2 percent to $670 million.

Imports increased 1.2 percent to $51.3 billion in November. Energy imports dropped 18.4 percent to $8.72 billion, but non-energy imports rose 6.4 percent to $47 billion.

As a result, South Korea posted a $9.73 billion trade surplus, widening by $4.17 billion from the previous year. The cumulative surplus for the first 11 months reached $66.07 billion, up $14.23 billion on-year.

“November exports continued their upward trend for six months, demonstrating the resilience of Korean companies amid rising global protectionism,” Trade Minister Kim Jeong-gwan said in a press release. He added that the tariff deal with the U.S. could help ease uncertainties surrounding exports to the U.S.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.

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