South Korea’s export grows 11.1pc in November

SEOUL (XINHUA) – South Korea’s export grew in double digits in the first 20 days of this month, raising hope for the recovery in global demand, customs office data showed yesterday.

Outbound shipment amounted to USD31.3 billion during the November 1-20 period, up 11.1 per cent from the same period of last year, according to Korea Customs Service.

The daily average export increased 7.6 per cent in the cited period, indicating a recovering global demand.

The country’s export declined from March to August, before rebounding 7.6 per cent in September.

It went down in October again amid the lingering fallout from the COVID-19 pandemic.

For the first 20 days of November, shipment for semi-conductors, automobiles and telecommunication devices, such as smartphone, advanced in double figures compared to a
year earlier.

Oil product export tumbled 48.2 per cent, and those for consumer electronics and computers slipped in single digits in the 20-day period.

Export to China, South Korea’s biggest trading partner, increased 7.2 per cent, with those to the United States (US) and the European Union (EU) growing in double digits.

Shipment to Japan, the Middle East and Australia went down in the cited period.

Import added 1.3 per cent to USD28.0 billion, sending the trade surplus to USD3.3 billion in the period.