S.Korea's exports grow, driven by semiconductor increased demand
(MENAFN) South Korea experienced a second consecutive month of export growth in November, driven by an increased demand for semiconductors. According to the South Korean Yonhap Agency, the value of exports witnessed a notable year-on-year rise of 7.8 percent, reaching USD55.8 billion last month.
This positive momentum comes after a rebound in exports recorded in October, marking the end of a 13-month period of year-on-year declines. The previous challenges were attributed to the monetary tightening policies implemented by major economies and a general slowdown in the global economy.
The South Korean Ministry reported that the growth in November's exports can be largely attributed to the resurgence of semiconductor exports, marking the first positive growth in 16 months. Chip exports, in particular, surged by 12.9 percent year-on-year, reaching USD9.5 billion.
On the flip side, imports saw a decline of 11.6 percent year-on-year, totaling USD52 billion last month. This decline was particularly driven by a significant 22.2 percent year-on-year decrease in energy imports.
South Korea maintained a trade surplus for the sixth consecutive month, recording a surplus of USD3.8 billion in November. This figure represents the largest surplus since September 2021 when the country achieved a trade surplus of USD4.28 billion.
This positive momentum comes after a rebound in exports recorded in October, marking the end of a 13-month period of year-on-year declines. The previous challenges were attributed to the monetary tightening policies implemented by major economies and a general slowdown in the global economy.
The South Korean Ministry reported that the growth in November's exports can be largely attributed to the resurgence of semiconductor exports, marking the first positive growth in 16 months. Chip exports, in particular, surged by 12.9 percent year-on-year, reaching USD9.5 billion.
On the flip side, imports saw a decline of 11.6 percent year-on-year, totaling USD52 billion last month. This decline was particularly driven by a significant 22.2 percent year-on-year decrease in energy imports.
South Korea maintained a trade surplus for the sixth consecutive month, recording a surplus of USD3.8 billion in November. This figure represents the largest surplus since September 2021 when the country achieved a trade surplus of USD4.28 billion.
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