November exports hit a record high on a monthly basis. The country set new monthly highs for the sixth straight month since June. Semiconductors and automobiles led the latest export gains.
According to the Korea Customs Service and the Ministry of Trade, Industry and Energy on the 1st, November exports came to $61.04 billion, up 8.4% from a year earlier. Average daily exports, adjusted for working days, reached $2.71 billion. Both total exports and average daily exports ranked No. 1 for any November on record. Cumulative exports for Jan.–Nov. totaled $640.2 billion, setting a new all-time high for the first time in three years.
Semiconductors and automobiles lifted overall exports to record levels. Last month's semiconductor exports were $17.26 billion, up 38.6% from a year earlier. Expanded data center investment boosted both demand and prices for high-value memory. Cumulative semiconductor exports for Jan.–Nov. reached $152.6 billion, already surpassing last year's annual record of $141.9 billion.
Automobile exports also rose to $6.41 billion, up 13.7% from a year earlier. Cumulative exports for Jan.–Nov. were $66.04 billion, the highest ever for the period.
In addition, exports of wireless communication devices (1.6%), secondary batteries (2.2%), electronic devices (5.2%), agricultural and fisheries products (3.3%), and cosmetics (4.3%) remained strong.
By country, the temperature gap was clear. Exports to the United States were flat. While semiconductors and automobiles performed well, steel, general machinery, and auto parts declined due to tariff effects. Exports to China rose 6.9% from a year earlier as key items such as semiconductors, petroleum products, and general machinery increased across the board. Exports to China topped $11 billion for three straight months. Exports to ASEAN rose 6.3% on the back of higher semiconductor shipments, and exports to the Middle East jumped 33.1%. By contrast, exports to the European Union fell 1.9% due to declines in steel and ship exports. Exports to Japan and Latin America also fell 6.8% and 6.6%, respectively.
Meanwhile, November imports rose 1.2% to $51.3 billion. As a result, last month's trade balance posted a surplus of $9.73 billion, up $4.17 billion from a year earlier.
On a cumulative basis for Jan.–Nov., the trade surplus reached $66.07 billion, exceeding the full-year surplus of the previous year by $14.23 billion.
Minister Kim Jung-kwan of the Ministry of Trade, Industry and Energy said, "With the introduction on the 26th of the 'Special Act for Strategic Investment Management between Korea and the United States,' the requirements for tariff cuts on automobile and parts corporations have been met, easing uncertainty over exports to the United States," adding, "We will strengthen policy support so that exports can maintain momentum in December."