Early-November exports exceeded $33.5 billion, setting a record, up 111.9% year on year

[Financial News] Exports from Nov. 1–10 exceeded $33.5 billion, setting a record for the same period in November. Semiconductor exports reached a record $16.6 billion for the period, driving overall exports.
According to preliminary export and import trends for Nov. 1–10 released by the Korea Customs Service on the 11th, exports during the period surged 111.9% from a year earlier to $33.5 billion. This was the highest export total ever for early November, far surpassing the previous record of $18.2 billion set in November 2021. Average daily exports, adjusted for the number of working days, also rose 97.7% to $4.46 billion. There were 7.5 working days during the period, 0.5 days more than a year earlier.
By major export item, shipments of semiconductors (331.2%), petroleum products (100.7%) and computer peripherals (237.7%) increased, while those of passenger cars (-4.3%) declined. Semiconductor exports reached $16.6 billion, a record for the period. Semiconductors accounted for 49.7% of total exports, up 25.3 percentage points.
By destination, exports to China (148.0%), the United States (163.6%), Vietnam (113.3%), Taiwan (182.5%) and the European Union (20.0%) increased. The top three destinations—China, the United States and Vietnam—accounted for 57.3% of exports.
Imports during the period rose 45.0% to $24.7 billion. The resulting trade balance was a surplus of $8.8 billion.
By major import item, imports of semiconductors (101.3%), crude oil (75.8%), gas (192.1%) and machinery (16.5%), among others, increased. Imports of energy, including crude oil, gas and coal, rose 86.3%.
By country or region, imports from China (63.8%), the United States (35.3%), the European Union (9.0%), Taiwan (77.8%) and Japan (28.0%), among others, increased.

[email protected] Kim Won-jun Reporter