Cumulative Exports Reach $963.7 Billion This Year... $36.3 Billion Short of $1 Trillion (Updated)
Korea Customs Service: Nov. 1-10 Export and Import Trends
Exports Hit a "Record High" of $33.5 Billion, Up 111.9%
Semiconductor Exports Rise 331.2% to $16.6 Billion
Exports from November 1 to 10 reached a record $33.5 billion. Cumulative exports this year have reached $963.7 billion, putting the country within striking distance of the $1 trillion mark for the year.
According to the Korea Customs Service on November 11, exports from November 1 to 10 totaled $33.5 billion, up 111.9% from the same period last year.
There were 7.5 working days, 0.5 more than during the same period last year. Taking this into account, average daily exports rose 97.7% to $4.46 billion.
Exports remained strong in November, with both total exports and semiconductor exports setting new records. Cumulative exports reached $963.663 billion, up 62.0% from the same period last year, leaving $36.3 billion to go to reach $1 trillion.
By product, exports of semiconductors (331.2%), petroleum products (100.7%), and computer peripherals (237.7%) increased from the same period last year. Exports of passenger cars (-4.3%) declined. Semiconductors accounted for 49.7% of total exports, up 25.3 percentage points. By destination, exports to all 10 major markets increased, including China (148.0%), the United States (163.6%), Vietnam (113.3%), Taiwan (182.5%), and the European Union (EU, 20.0%).
Imports through November 10 totaled $24.7 billion, up 45.0% from the same period last year. Imports of semiconductors (101.3%), crude oil (75.8%), gas (192.1%), and machinery (16.5%) increased. As with exports, imports from all 10 major trading partners rose, including China (63.8%), the United States (35.3%), the EU (9.0%), Taiwan (77.8%), and Japan (28.0%).
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The trade balance posted a surplus of $8.751 billion from November 1 to 10. As a result, the cumulative surplus from January 1 this year reached $303.739 billion.
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