Business & Economy

South Korean exports rally in November thanks to chips

Seoul, Dec 1 (efe-epa).- South Korea’s exports increased 4 percent in November after contracting the previous month, as the recovery of its main trading partners led to higher chip sales, according to a Tuesday government report.

Shipments from Asia’s fourth-largest economy, the main driver of its GDP, reached $45.8 billion, while imports decreased 2.1 percent to $39.8 billion, according to data from the Commerce, Industry and Energy Ministry.

South Korea posted a $5.93 billion trade surplus in November, the seventh consecutive month on the rise for the country.

The government said the export spike followed strong chip and tech product sales.

Chip shipments grew 16.4 percent year-on-year in November, the fifth month of increase; while mobile phone exports increased by 20.2 percent, the ministry said.

Screen and other display product sales expanded 21.4 percent and computer sales rose 5.6 percent.

Shipments of health-related products, such as COVID-19 test kits, or agricultural products, also increased in the context of the pandemic, the ministry added.

South Korean exports recorded their first year-on-year rebound in 14 months in February, but the recovery was short-lived, as the global spread of COVID-19 seriously affected the export of key products for the country.

South Korea experienced declines in shipments through August, before rebounding 7.3 percent in September thanks to the semiconductor and automotive sectors, although exports saw a decline in October due to a reduction in working days and a resurgence of COVID-19 infections. EFE-EPA


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