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Exports up 3.2% during first 10 days of Nov. on chip, auto sales

Nov. 13, 2023 - 09:24 By Yonhap
Containers are being unloaded at Sinseondae container terminal in Busan Port. (Yonhap)

South Korea's exports rose 3.2 percent on-year in the first 10 days of November on the back of rising demand for semiconductors and vehicles, data showed Monday.

Outbound shipments reached $18.24 billion in the Nov. 1-10 period, compared with $17.67 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports also grew 3.2 percent on-year to $2.15 billion during the cited period, it added.

Imports added 1.2 percent on-year to $19.98 billion during the period, resulting in a trade deficit of $1.74 billion.

Export rose for the first time in 13 months in October. They advanced 5.1 percent on-year to $55 billion, driven by upbeat chip sales in the global market.

The growth was led by rising global sales of semiconductors and vehicles.

Exports of semiconductors, a key export item, rose 1.3 percent to $2.79 billion during the first 10 days of November.

Auto exports surged 37.2 percent on-year to $1.99 billion.

But petroleum products saw global sales fall 9.2 percent to $1.78 billion and steel exports shed 5.7 percent to $1.2 billion.

By destination, exports to China inched down 0.1 percent to $3.89 billion. China is the biggest trading partner of South Korea.

Exports to the United States, however, jumped 23 percent on-year to $3.72 billion during the cited period, and those to Vietnam advanced 7.6 percent to $1.79 billion.

Exports to Japan climbed 26.9 percent $949 million, and those to Singapore spiked 59.7 percent to $595 million.

Shipments to the European Union logged a 5 percent fall on-year to $1.77 billion, the data showed.

The government has expected exports to bottom out and gradually recover, and vowed all-out efforts to support exports, the country's key economic growth engine. (Yonhap)