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10 out of 15 flagship export items increased … IT boom in semiconductors
Minister Sung Yun-mo “Our export fundamentals have been strengthened”
Last month, Korea’s exports increased in one month.
The Ministry of Commerce, Industry and Energy announced on the 1st that exports in November recorded 4.81 billion dollars, up 4.0% compared to the same period last year.
Monthly exports continued to decline for six consecutive months from March to August in the aftermath of the new coronavirus infection (Corona 19), then increased by 7.3% in September and then morphed into a decline of 3.8 % in October.
Last month, the average daily value of exports, taking into account the number of working days, also increased by 6.3%.
It is the first time since November 2018 that both total exports and average daily exports have increased.
It is also the first time in 32 months since March 2018 that total exports were positive even though the number of working days was less than 0.5 days.
Korea’s exports recorded over $ 40 billion in total exports for three consecutive months, averaging over $ 1.9 billion per day.
Among the 15 export items, 10 items increased including semiconductors (16.4%), displays (21.4%), wireless communication devices (20.2%), secondary batteries (19.9%), household appliances (20.3%) and computers (5.6%). .
In particular, IT related articles drove the export.
Of the 10 items that increased exports, six were IT-related items.
Semiconductors continued to rise double-digit for three consecutive months, and exports and growth rates for displays and wireless communication devices both hit highs this year.
Automobile exports also continued to increase for three consecutive months.
Exports of 7 “new engines of export growth” items such as biological health, secondary batteries, cosmetics and food for agriculture and fisheries also performed well.
By region, the total exports and average daily exports of the four main markets, China (1.0%), the United States (6.8%), the European Union (24.6%) and Asia (6.4%), have increased in three years.
Income decreased 2.1% to $ 39.88 billion.
The trade balance was $ 5.93 billion, a surplus for seven consecutive months.
In November of this year, the cumulative trade surplus was $ 39 billion, surpassing last year’s $ 38.9 billion annual surplus.
The Minister of Commerce, Industry and Energy, Seong Yun-mo, said: “It is significant that exports have increased even though the number of working days in November is short compared to last year.” What can be seen is a positive sign for the resumption of export vitality in the future.
“Recently, our exports are not only recovering in quantity, but also in qualitative growth”. “Exports of high value-added products such as electric vehicles and OLEDs increased by more than 25% in November alone.” “Our export fundamentals are strengthening with the highest performance ever.”
Minister Seong also stressed: “It is time for all ministries to focus their efforts so that the flame of export vitality, which has struggled to recover, does not go out and lead to the engine of innovation in our export facility. “.
/ news yunhap
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