South Korea's exports rose 8.4 percent year-on-year to $61.04 billion in November, fueled by strong semiconductor demand, extending growth for the sixth consecutive month. The figure marks the highest November total ever, with imports up slightly to yield a $9.73 billion trade surplus.
Government data showed South Korea's November exports reached $61.04 billion, the highest November figure on record, driven by surging semiconductor demand. This marked the sixth straight month of growth, with January-to-November cumulative exports hitting a record $640.2 billion, raising hopes that annual exports will exceed $700 billion for the first time.
Semiconductor exports jumped 38.6 percent to an all-time monthly high of $17.26 billion, continuing a nine-month upward streak fueled by rising memory chip prices from demand for high-value data center products. Auto exports rebounded 13.7 percent to $6.41 billion, boosted by internal combustion and hybrid vehicles, reversing October's 10.5 percent decline. January-to-November totals for semiconductors and autos both set records at $152.6 billion and $66.04 billion, respectively.
Wireless communication device shipments rose 1.6 percent to $1.73 billion, while secondary batteries increased 2.2 percent to $670 million, ending a six-month downturn. Exports of electrical equipment, agro-fisheries products, and cosmetics grew 5.2 percent, 3.3 percent, and 4.3 percent to $1.27 billion, $1.04 billion, and $950 million.
Petroleum products fell 10.3 percent to $3.28 billion and petrochemicals dropped 14.1 percent to $3.06 billion amid global oversupply. Steel exports slid 16 percent to $2.3 billion due to U.S. tariffs and weakening global demand.
By region, exports to the United States dipped 0.2 percent to $10.35 billion, though semiconductors and autos rose 39 percent and 11 percent to $1.1 billion and $2.2 billion in the first 25 days. Shipments to China climbed 6.9 percent to $12.07 billion on demand for semiconductors, petroleum, and machinery. ASEAN exports increased 6.3 percent to $10.42 billion led by chips, Middle East surged 33.1 percent to $2.18 billion, while EU fell 1.9 percent to $5.34 billion on softer steel and ship demand.
Industry Minister Kim Jung-kwan stated, "Korea's exports are showing an upward trend thanks to the strong performance of semiconductor, automobile and bio-health products, as well as the diversification of export items," pledging to sustain momentum amid global trade uncertainties. He noted that submission of a special bill on Seoul's $350 billion U.S. investment commitment meets conditions for lowering U.S. tariffs on Korean cars and parts.
