South Korea's Trade Surplus Hits $798 Million in Early November

The Korea Customs Service has reported a significant increase in exports and a decrease in imports from November 1 to 20 compared to the same period last year. Exports rose by 5.8%, while imports fell by 1%, resulting in a trade surplus of $798 million by November 20. This trend is expected to continue smoothly until the end of the month.

According to the Korea Customs Service, the export amount until mid-November was $35.611 billion, an increase of $1.96 billion (5.8%) compared to the same period last November. On the other hand, imports decreased by $360 million (1.0%) to $34.813 billion. The average daily export amount also improved from $2.17 billion last year to $2.3 billion this year, with the number of working days remaining the same at 15.5 days for both periods.

The monthly trade balance has been in surplus for 18 consecutive months since turning positive in June last year. On an annual cumulative basis, the export amount was $601.452 billion, while the import amount was $561.088 billion, resulting in a cumulative trade surplus exceeding $40 billion.

The increase in exports was led by semiconductors (42.5%), shipbuilding (77.1%), and computer peripherals (73.5%). However, passenger cars (-17.7%), petroleum products (-10.4%), wireless communication devices (-12.2%), and precision instruments (-13.2%) recorded double-digit decreases. Consequently, the proportion of semiconductor exports increased by 5.6 percentage points compared to the same period last year, reaching 21.7%.

Imports showed a significant decrease in crude oil (-23.7%), gas (-5.2%), and petroleum products (-18.8%), while imports of semiconductor manufacturing equipment surged by 134.8%. By country, exports to China increased by 3.5%, to Vietnam by 16.3%, and to the European Union by 7.5%. Conversely, exports to the United States decreased by 2.5% and to Japan by 0.6%. The proportion of exports to the top three countries, China, the United States, and Vietnam, reached 49.1%.

Cho Ik-no, director of trade policy at the Ministry of Trade, Industry and Energy, commented on the positive trend, stating, "Exports until the 20th increased compared to the same period last year, based on the balanced growth of key items such as semiconductors, ships, and steel, continuing the upward momentum." He added, "This month, based on the robust growth of key items such as semiconductors, computers, and ships until the end of the month, we will continue the trend of positive export growth for 14 consecutive months and a trade surplus for 18 consecutive months."

The current status indicates a strong performance in South Korea's trade sector, driven by the robust growth of key export items. The continuation of this trend is anticipated, contributing to the country's economic stability and growth.