South Korea’s exports more than doubled in the first 10 days of November from a year earlier, reaching $33.46 billion on the back of strong semiconductor shipments. This marked the highest export value on record for the first 10 days of November, as semiconductor exports surged more than fourfold year-on-year, driving overall growth.

According to trade data released by the Korea Customs Service on Nov. 11, exports from Nov. 1 to 10 totaled $33.46 billion, up 111.9% from the same period a year earlier. Average daily exports, adjusted for working days, reached $4.46 billion, marking a 97.7% increase. Cumulative exports for the year reached approximately $963.6 billion, leaving about $36.4 billion to go before South Korea reaches the historic milestone of $1 trillion in annual exports for the first time.

By product, semiconductors led the growth. Semiconductor exports totaled $16.63 billion, surging 331.2% year-on-year and setting a new record for the first 10 days of any month. Semiconductors accounted for 49.7% of total exports, up 25.3 percentage points from a year earlier, reaffirming their role as the main driver of the country’s export performance.

Petroleum products and computer peripherals also posted triple-digit growth, rising 100.7% and 237.7%, respectively. Passenger vehicle exports, however, fell 4.3%, bucking the broader upward trend. By destination, exports rose sharply to major markets, including China, up 148.0%; the United States, up 163.6%; Vietnam, up 113.3%; and Taiwan, up 182.5%.

Imports totaled $24.71 billion, up 45.0% from a year earlier. Imports of semiconductors and machinery rose 101.3% and 16.5%, respectively, while energy imports, including crude oil and natural gas, surged 86.3%. Natural gas imports in particular jumped 192.1%.

With exports far exceeding imports, South Korea posted a trade surplus of $8.75 billion during the period, the largest ever recorded for the comparable period. The trade balance has remained in surplus for 21 consecutive months. By country, imports increased from China by 63.8%, Taiwan by 77.8% and the United States by 35.3%.

If the current pace of average daily exports is maintained, South Korea is expected to surpass $1 trillion in annual exports for the first time in its trade history around Nov. 20, after approximately eight more working days. A Korea Customs Service official said record-high semiconductor exports were driving the overall growth in outbound shipments.

Source:Business Korea