[Yonhap Photo]
South Korea's exports rose 9.6 percent in November from a year earlier to mark the 13th consecutive monthly gain, fueled by strong demand for memory chips and machinery, government data showed Friday.
Outbound shipments came to 49.67 billion US dollars for November, up from $45.3 billion a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service.
The total value of exports in the first 11 months of this year hit a record high of $528.4 billion. Exports for Asia's fourth-largest economy have been on a steady rise since November 2016, led by an upturn in oil prices and recovering global trade. Imports also jumped 12.3 percent on-year to $41.83 billion last month.
South Korea's trade surplus came to $7.84 billion, marking 70 straight months in which the country's exports have exceeded imports, the ministry said.'
By region, outbound shipments to China, South Korea's largest trading partner, soared 20.5 percent, marking a fourth-month surge, while those to Southeast Asian nations advanced 13.4 percent, resulting in the 13th consecutive month of double-digit growth.
Exports to the U.S. market swung back to growth in November on increased sales of wireless communications and computers, as well as petrochemical and machinery products.
The ministry attributed the hike in exports to greater demand for semiconductors, machinery and petrochemical products, as well as steel, autos and displays. TThe semiconductor industry has hit a super cycle, with demand for DRAMs for mobile chips and servers outpacing supply, boosting overseas sales by tech giants, including Samsung Electronics Co. and SK hynix Inc.
(Yonhap)
reporter
Lim Chang-won
cwlim34@ajunews.com
