South Korea’s exports continue rising for 14th straight month in November

(MENAFN) South Korea’s exports continued their upward trend in November, achieving a 14th straight month of year-on-year growth, largely driven by the robust performance of the semiconductor sector. According to data from the Ministry of Trade, Industry, and Energy, outbound shipments reached USD56.3 billion, reflecting sustained strength in the country’s export sector. The country’s trade surplus stood at USD5.61 billion, marking its 18th consecutive month in surplus, as imports declined by 2.4 percent to USD50.7 billion.

Semiconductor exports were a standout, soaring 30.8 percent year-on-year to a record USD12.5 billion for November. This achievement marked the fourth month in a row that chip exports reached new monthly highs, underscoring the global demand for South Korean technology. Other key contributors included the biohealth sector, which posted a 19.6 percent increase to USD1.4 billion, and ship exports, which surged 70.8 percent to USD2.5 billion. These sectors demonstrated consistent growth, bolstering the nation’s export performance.

Not all sectors fared as well, however. Exports of petroleum and petrochemical products experienced significant declines, down 18.7 percent and 5.6 percent, respectively, due to a drop in global crude oil prices. Additionally, weather-related disruptions late in the month impeded the shipment of automobiles, highlighting challenges in some export categories.

The ministry highlighted the resilience of South Korea’s export sector despite global uncertainties, attributing its success to strategic industries like semiconductors and biohealth. Looking ahead, continued efforts to diversify export markets and stabilize supply chains are expected to sustain growth, ensuring South Korea remains a key player in the global trade landscape.

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