SEOUL, Dec. 1 (Xinhua) — South Korea’s export rose for the second consecutive month attributable to a rebound in demand for locally-made semiconductors and different key export objects, authorities knowledge confirmed Friday.
Export, which accounts for about half of the export-driven economic system, gained 7.8 % from a 12 months earlier to 55.80 billion U.S. {dollars} in November, after rising 5.1 % within the earlier month, in accordance with the Ministry of Trade, Industry and Energy.
The turnaround got here after lowering for the previous 12 months. In phrases of quantity, the outbound cargo climbed 4.6 % final month.
Import declined 11.6 % to 52.00 billion {dollars} in November in comparison with the identical month of final 12 months.
Affected by the export rebound, the commerce stability recorded a surplus of three.80 billion {dollars}, staying in black for the sixth successive month.
The continued export development was attributed to the restoration in world demand for semiconductors and different main export objects akin to basic equipment and cars.
Chip export superior 12.9 % from a 12 months earlier to 9.52 billion {dollars} in November, marking the primary rebound in 16 months amid increased reminiscence chip costs.
Shipment for petrochemicals expanded 5.9 % to three.78 billion {dollars}, however oil merchandise export shrank 4.4 % to 4.60 billion {dollars} on cheaper crude oil.
Automotive export surged 21.5 % to six.53 billion {dollars} in November, persevering with to develop for the seventeenth straight month on sturdy demand for eco-friendly autos.
General equipment cargo elevated 14.1 % to 4.93 billion {dollars}, conserving an upward pattern for the eighth successive month on increased facility funding within the United States, Europe and Southeast Asian nations.
Steel merchandise export retreated 11.1 % to 2.65 billion {dollars}, however show panel cargo went up 5.9 % to 1.90 billion {dollars} on increased demand for OLED panels.
Auto elements cargo added 3.9 % to 1.93 billion {dollars}, and cell phone export gained 8.4 % to 1.76 billion {dollars} final month.
Home home equipment export jumped 14.1 % to 670 million {dollars}, conserving an upward pattern for the sixth month.
Computer cargo plunged 29.4 % to 610 million {dollars}, however secondary battery export soared 23.4 % to 900 million {dollars}.
By area, export to the Association of Southeast Asian Nations (ASEAN) went up 8.7 % over the 12 months to 9.83 billion {dollars} in November, persevering with to extend for 2 months in a row.
Shipment to the United States soared 24.7 % to 10.95 billion {dollars}, whereas export to the European Union (EU) was up 3.7 % to five.47 billion {dollars}.
Export to Japan climbed 11.5 % to 2.57 billion {dollars}, and people to Latin America and India superior to 1.95 billion {dollars} and 1.53 billion {dollars} every.
Meanwhile, the import fall was primarily brought on by decrease vitality import prices.
Import for crude oil, pure gasoline and coal went down 2.7 %, 45.0 % and 40.0 % every in November in comparison with the identical month of final 12 months.
Excluding the vitality, the import of different items declined 7.9 % on gentle demand for clothes, vehicles and different shopper items.