Korea’s Nov. 1-20 exports up 5.8% on strong chip demand

(Lee Chung-woo)

South Korea’s exports rose by nearly 6 percent in the first 20 days of November from a year ago, with high demand for mainstay items such as semiconductors and ships.

According to data released by the Korea Customs Service on Thursday, the country’s outbound shipments reached $35.61 billion in the November 1-20 period, up 5.8 percent from the same period a year ago.

The number of working days remained unchanged from a year ago at 15.5 days.

On a monthly basis, Korea’s exports gained for 13 consecutive months since October 2023.

Exports of semiconductors increased by 42.5 percent in the first 20 days of November from a year ago. Chip exports accounted for 21.7 percent of Korea’s entire exports, up by 5.6 percentage points during the same period.

Chip exports reached an all-time monthly high in October at $12.54 billion.

Exports of ships rose 77.1 percent.

Outbound shipments of passenger vehicles, on the other hand, fell by 17.7 percent, and those of petroleum products declined 10.4 percent and wireless communication devices 12.2 percent.

By destination, exports to China increased 3.5 percent, Vietnam 16.3 percent, and the European Union 7.5 percent, while those to the United States fell 2.5 percent and Japan 0.6 percent.

Imports stood at $34.81 billion in the first 20 days of November, down 1 percent from the same period a year ago, resulting in a trade surplus of $798 million.

Imports of semiconductors rose 23.4 percent while those of semiconductor manufacturing equipment gained 134.8 percent.

Crude oil imports, on the other hand, fell 23.7 percent, and imports of gas declined 5.2 percent and petroleum products 18.8 percent.

By country, imports from Japan increased 12.6 percent, while those from the U.S. decreased 14.1 percent and Saudi Arabia 30.2 percent.