South Korea's Exports Near $1 Trillion; Countdown to Joining World's Top Four (Comprehensive)

Exports from Nov. 1-10 Hit $33.5 Billion
"Record High"; Cumulative Exports This Year Reach $963.7 Billion
On Track to Hit $1 Trillion Around Nov. 19 If October's Daily Average Holds

Exports from November 1 to 10 totaled $33.5 billion, the highest figure ever for the period. Cumulative exports this year reached $963.7 billion, bringing the country within reach of the $1 trillion annual milestone.

According to figures on export and import trends for November 1 to 10, released by the Korea Customs Service on November 11, exports during the period totaled $33.5 billion, up 111.9% ($17.67 billion) from the same period last year. Cumulative exports from January 1 through November 10 reached $963.7 billion ($963.66 billion), a 62.0% increase. About $36.3 billion remains to reach $1 trillion. Exports from November 1 to 10 were the highest ever for the same period in November. The previous record was $18.2 billion in November 2021. Imports rose 45.0% to $24.7 billion, and the trade balance posted a surplus of $8.8 billion.

The Asia Business Daily DB

Semiconductors again led the gains. Semiconductor exports rose 331.2% to $16.6 billion, a record for the same period. Their share of total exports reached 49.7%, up 25.3 percentage points from a year earlier. Exports also increased for computer peripherals (237.7%), petroleum products (100.7%), ships (63.9%), steel products (38.8%), and wireless communication devices (35.1%). Passenger car exports fell 4.3%. By destination, exports increased to China ($9.16 billion, up 148.0%), the United States ($6.80 billion, up 163.6%), Vietnam ($3.20 billion, up 113.3%), Taiwan ($2.08 billion, up 182.5%), and the European Union (EU; $1.72 billion, up 20.0%), among others. The top three destinations—China, the United States, and Vietnam—accounted for 57.3% of exports.

Imports increased for semiconductors (101.3%), crude oil (75.8%), and gas (192.1%), among other items, while the value of energy imports (crude oil, gas, and coal) rose 86.3%. Adjusted for the number of working days (7.5 days this year and 7.0 days last year), average daily exports totaled $4.46 billion, up 97.7% from $2.26 billion a year earlier.

At this pace, the remaining amount would be reached in about 8.1 working days. If the trend continues, the $1 trillion mark is projected to be reached around November 20; if exports maintain October's daily average of $5.24 billion, the milestone would be surpassed around November 19. This would make South Korea the world's fourth member of the $1 trillion export club. Only the United States, China, and Germany have achieved annual exports of $1 trillion.

South Korean exports surpassed $100 billion in 1995, $200 billion in 2004, $500 billion in 2011, and $600 billion in 2018, before exceeding $700 billion last year. Reaching $1 trillion would come just one year after exports topped $700 billion and would be about 41% higher than last year's $709.3 billion. In the first half of this year, the countries ranked by export value were China, the United States, Germany, the Netherlands, and South Korea. An official at the Ministry of Trade, Industry and Energy said, "The Netherlands is somewhat different in this context because it imports goods from outside Europe and immediately re-exports around 40% of them. Excluding the Netherlands, South Korea could almost be considered one of the top four exporting nations."

This content was produced with the assistance of AI translation services.