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Exports surpassed $60 billion for the first time in November… Annual earnings forecast at all-time high

Year-on-year increase for 13th month
Ships – Petroleum Products – Computers, etc.

Last month, exports exceeded $60 billion for the first time ever. It is expected that this year’s annual export performance will exceed $600 billion, reaching an all-time high.

According to the Ministry of Trade, Industry and Energy on the 1st, exports in November amounted to $60.44 billion, up 32.1% from the previous year. Monthly exports surpassed $60 billion in eight years and one month after exceeding $50 billion in October 2013 for the first time. The previous best performance was $55.92 billion in September this year. Exports increased for 13 consecutive months compared to the same month last year.

Exports of 13 out of 15 major items increased. Ships (237.6%), petroleum products (125.5%), computers (73.5%), petrochemicals (63.0%), steel (45.9%), and semiconductors (40.1%) showed double-digit or more growth rates. Exports to four major markets: China (27.1%), the United States (22%), the European Union (18.9%) and ASEAN (32.8%) all increased significantly. In particular, exports to China and ASEAN surpassed $15 billion and $10 billion, respectively, for the first time, the highest ever.

The Ministry of Trade, Industry and Energy predicted that this year’s annual export and trade volume will also reach an all-time high. Exports from January to November amounted to $583.8 billion, the highest for the same period. Annual exports are expected to exceed $600 billion in mid-December. Sejong = Reporter Joo Ae-jin jaj@donga.com

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