Semiconductors likely to lead Korea’s export growth for 2nd month
Kyung-Min Kang
Nov 21, 2023 (Gmt+09:00)
South Korea’s semiconductor exports accelerated their recovery in the first 20 days of November, data showed on Tuesday, adding to hopes that Asia’s fourth-largest economy may see a second month of overseas sales increase.
Semiconductor exports rose 2.4% in the Nov. 1-20 period from a year earlier, helping the country's total overseas sales grow 2.2% to $33.8 billion in the 20 days, according to the customs office.
Semiconductor exports fell by a revised 4.8% in October from a year earlier, far narrower than a 14.6% decline the previous month, helping overall overseas sales rise for the first time in 13 months, according to data from the Korea Customs Service last week.
EXPORTS TO US, VIETNAM UP
South Korea’s exports to the US, the world’s largest economy rose 15.7% to $6.6 billion in the first 20 days of November. Sales to Vietnam, a key overseas production base of South Korean companies, gained 1.4% to $3.1 billion.
On the other hand, shipments to China, South Korea’s top overseas market, slumped 2.4% to $7.2 billion, while sales exports to the European Union fell 4.1% to $3.2 billion.
South Korea’s imports fell 6.2% to $35.2 billion in the Nov. 1-20 period from a year earlier with intakes of gas down 30.2%, resulting in a trade deficit of $1.4 billion.
That ballooned the country’s total trade deficit to $19.5 billion so far this year.