South Korea's exports grow by 1.4 percent last month to reach USD56.3B

(MENAFN) South Korea's exports grew for the 14th consecutive month in November, rising 1.4 percent to USD56.3 billion, driven by robust performance in the semiconductor sector, according to data from the Ministry of Trade, Industry and Energy. Imports, meanwhile, fell 2.4 percent to USD50.7 billion, resulting in a trade surplus of USD5.61 billion. This marked the 18th consecutive month of trade surpluses, showcasing the resilience of South Korea's export-driven economy, according to Yonhap News Agency.

Semiconductor exports were a key driver of growth, surging 30.8 percent year-on-year to USD12.5 billion, the highest figure ever recorded for November. This also marked the fourth consecutive month of record chip exports. The strong performance highlights the importance of the semiconductor industry, which remains a cornerstone of South Korea's economy amid rising global demand for electronic components.

Conversely, car exports declined by 13.6 percent to USD5.6 billion, primarily due to production disruptions. A strike by major auto parts manufacturers in November significantly impacted the automotive supply chain. Additionally, adverse weather conditions late in the month further hindered shipments, exacerbating the challenges faced by the sector.

Exports of petroleum and petrochemical products also declined, falling by 18.7 percent and 5.6 percent, respectively. The ministry attributed these decreases to lower crude oil prices, which negatively impacted the export value of these energy-related goods. Despite these sectoral setbacks, South Korea's overall export performance remains on an upward trajectory.

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