South Korea’s Export Growth Driven by Semiconductor and Ship Sales Surge.

Seoul: South Korea's exports have increased by 5.8 percent on-year in the first 20 days of November, fueled by robust global demand for semiconductors and ships, according to data released Thursday.According to Yonhap News Agency, outbound shipments reached US$35.6 billion during the November 1-20 period, compared to $33.8 billion in the same period last year, as per the Korea Customs Service. Meanwhile, imports declined by 1 percent on-year to $34.8 billion, resulting in a trade surplus of $800 million. This marks a continuation of an upward trend, following a 4.6 percent on-year rise in exports to US$57.5 billion in October, marking the 13th consecutive monthly increase.Semiconductor exports surged by 42.5 percent on-year to $7.71 billion, accounting for 21.6 percent of South Korea's total exports in the first 20 days of November, an increase of 5.6 percentage points from the previous year. This sharp rise is attributed to an upturn in the industry cycle. Additionally, ship sales saw a significant incre ase of 77.1 percent from the prior year to $1.13 billion, while steel product exports rose by 11.1 percent on-year to $2.48 billion.Contrastingly, the automotive sector experienced a downturn, with auto exports declining by 17.7 percent on-year to $3.01 billion and automotive parts exports slightly decreasing by 0.3 percent to $1.14 billion. Petroleum product exports also fell by 10.4 percent on-year to $2.66 billion.Cho Ik-no, an official from the industry ministry, highlighted that the export growth until November 20 was bolstered by strong performances in key sectors such as semiconductors, ships, and steel. He expressed optimism about maintaining the country's 14-month streak of export growth and 18-month trade surplus in November.By destination, exports to China increased by 3.5 percent on-year to $7.47 billion, while shipments to the United States decreased by 2.5 percent to $6.42 billion. Exports to Vietnam surged by 16.3 percent on-year to $3.61 billion, and those to the European Union rose by 7 .5 percent to $3.41 billion. Meanwhile, shipments to Japan saw a slight decrease of 0.6 percent to $1.59 billion, whereas exports to Taiwan soared by 96.9 percent to $1.98 billion.