S. Korea’s exports hit record high at $60 billion in November

South Korea’s exports exceeded 60 billion dollars for the first time in November, and the annual exports are expected to hit all-time high exceeding 600 billion dollars.

The Ministry of Trade, Industry and Energy released preliminary data on Wednesday that showed the exports growth exceeded 60.44 billion dollars in November, registering a jump of 32.1% year-over-year. The exports exceeded 60 billion dollars in eight years and one month since October 2013 when the monthly exports exceeded 50 billion dollars for the first time. The previous record high was at 55.92 billion dollars in September this year. South Korea’s exports grew for a 13th straight month in November from a year earlier.

Thirteen sectors out of major 15 sectors saw their exports increase, with exports of ships (237.6%), petrochemicals (125.5%), computers (73.5%), steel (45.9%), and semiconductors (40.1%) showed a two-digit growth. Exports to all major markets including China (27.1%), the U.S. (22%), the European Union (18.9%), and the ASEAN (32.8%) have expanded to a great extent. In particular, exports to China and the ASEAN hit an all-time high, exceeding 15 billion dollars and 10 billion dollars, respectively.

The South Korean trade ministry projected that the annual exports and trade volume will hit a record high. The total exports from January to November totaled 583.8 billion dollars, hitting fresh high in the same period, and the annual exports are expected to exceed 600 billion dollars in mid-December.


Ae-Jin Ju jaj@donga.com