South Korea's chip exports once again achieved year-on-year growth in November, and the Chinese market began to recover

According to data from the Ministry of Trade, Industry and Energy, South Korea’s semiconductor exports reached US$9.5 billion in November, a year-on-year increase of 12.9%. This is also the first time in 16 months since August last year that it has turned positive.

According to data, South Korea’s exports last month increased by 7.8% year-on-year. %, reaching US$55.8 billion, while imports fell by 11.6% to US$52 billion, resulting in a trade surplus of approximately US$3.8 billion

South Korea’s exports this year have been relatively low, but Last month saw the largest increase this year and has achieved positive growth for two consecutive months. At the same time, South Korea's trade surplus also reached its best level in 26 months, maintaining a surplus for the sixth consecutive month

Source Pexels

In addition to chips, South Korea's exports of Korean automobiles also increased year-on-year in November, reaching US$6.53 billion, a year-on-year increase of 21.5%, and year-on-year growth for 17 consecutive months.

South Korea’s important export products include chips and automobiles, especially chips, whose exports account for about 20% of the overall exports. The year-on-year increase in the export volume of such products will help promote the improvement of South Korea's overall export status

It is said that the proportion of South Korea's semiconductor exports reached more than 20% in a single month for the first time in October 2017, but it is also due to In this way, South Korea's exports have been in decline, and semiconductor exports also turned to negative growth in the third quarter of last year. Therefore, South Koreans were "blamed" as the "culprit" for the downturn in exports.

Regionally speaking, six of South Korea's nine major export markets have experienced an increase in exports. The largest export market is China, with exports reaching US$11.4 billion (approximately RMB 81.396 billion yuan), which is also the highest level this year. Although it fell 0.2% year-on-year, it exceeded US$10 billion for four consecutive months. Industry insiders believe that the recovery trend has been obvious

In addition, South Korea’s exports to the United States were US$10.9 billion, year-on-year for four consecutive months. Growth, exports to ASEAN and the EU have also increased.

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