Rebounding Exports
The Ministry of Trade, Industry & Energy announced on December 1 that South Korea’s exports increased 2.7% from a year ago to US$45.5 billion in November this year. It added that the country’s imports increased 10.1% and totaled US$37.5 billion last month and it posted a trade surplus for the 58th consecutive month.
Semiconductor exports totaled approximately US$5.8 billion, the fifth-largest in the history of the industry, while general machinery exports showed a double-digit growth in 23 months, led by infrastructure investment in Europe and increased exports to Latin America. Petrochemical exports showed a positive growth for the first time in three months and reached US$3.28 billion, the largest since July last year.
Computer exports increased for the seventh consecutive month based on high demands for new PCs and SSDs. Steel exports turned around in three months, led by a rise in international steel prices as well as raw material prices. Flat panel display exports turned around in one year and six months because of higher LCD panel prices and higher OLED demands. Automobile exports increased for the first time in 17 months with strikes in certain automakers having ended.
South Korean shipbuilders exported a total of 32 ships last month, including five LNG carriers and offshore plants, but the number was less than that recorded a year ago. Wireless communication device exports declined, too. Exports to the Middle East and ASEAN member countries continued to increase while those to the United States, China, Japan and India began to recover.