South Korea's exports in early November more than doubled compared to a year ago, setting a record for the month. The cumulative export amount for the year has surpassed $960 billion, bringing the country closer to its first annual export total of $1 trillion.
According to the Korea Customs Service, the preliminary export figure for November 1-10 was $33.46 billion, a 111.9% increase from the same period last year. This marks the highest amount recorded for the first ten days of November.
Considering the number of working days, the average daily export amount was $4.46 billion, up 97.7% from $2.26 billion during the same period last year. Even accounting for an increase of 0.5 working days, the growth in exports is significant.
This brings the cumulative export total for the year to $963.663 billion, a 62.0% increase compared to the same period last year. Only $36.337 billion remains to reach the historic $1 trillion annual export goal.
Earlier, the Ministry of Trade, Industry and Energy projected on November 1 that the annual export total would likely exceed $1 trillion in November. With an average daily export amount of $4.46 billion, it is anticipated that exports could surpass $1 trillion as early as November 20.
The surge in exports was primarily driven by semiconductors. In early November, semiconductor exports reached $16.632 billion, a staggering 331.2% increase from the same period last year. This figure represents the highest amount recorded for the first ten days of the month, with semiconductors accounting for 49.7% of total exports, an increase of 25.3 percentage points from the previous year.
Other major export items also saw increases. Due to rising prices from high oil costs, petroleum product exports rose to $2.012 billion, a 100.7% increase, while exports of computer peripherals surged to $1.046 billion, a 237.7% increase. Exports of steel products (38.8%), ships (63.9%), and wireless communication devices (35.1%) also showed growth. However, passenger car exports decreased by 4.3% to $1.474 billion.
By country, exports to China increased by 148.0% to $9.163 billion, while exports to the United States rose by 163.6% to $6.797 billion. Other key trading partners, including Vietnam (113.3%), Taiwan (182.5%), and the European Union (20.0%), also experienced growth. The combined export share from China, the U.S., and Vietnam accounted for 57.3% of total exports.
Imports totaled $24.71 billion, a 45.0% increase from the previous year. Semiconductor imports rose by 101.3% to $4.688 billion, while imports of crude oil (75.8%), gas (192.1%), semiconductor manufacturing equipment (36.4%), and machinery (16.5%) also increased.
Energy imports, including crude oil, gas, and coal, rose by 86.3% compared to a year ago. Crude oil imports amounted to $3.253 billion, while gas imports reached $1.404 billion. In contrast, coal imports decreased by 3.0% to $341 million.
By country, imports increased from China (63.8%), the United States (35.3%), the EU (9.0%), Taiwan (77.8%), and Japan (28.0%).
With exports exceeding imports, the trade balance for early November recorded a surplus of $8.751 billion, a turnaround from a deficit of $1.241 billion during the same period last year. The cumulative trade surplus for the year has expanded to $303.739 billion.
* This article has been translated by AI.
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