Exports Post Healthy Rise

  • By Ryu Jung

    December 02, 2020 13:01

    Korea's exports rose a healthy four percent on-year in November to US$45.8 billion, according to the Ministry of Trade, Industry and Energy on Tuesday.

    And if the number of working days is taken into account, they jumped 6.3 percent. This was the first time in two years that both total exports and daily average increased, and also the first time in 32 months that monthly exports grew on-year despite fewer working days.

    Korea also achieved a juicy trade surplus of $5.93 billion last month, resulting in a cumulative surplus of $39 billion so far that already outpaces last year's total of $38.9 billion.

    Exports started falling in January when the coronavirus epidemic intensified in China and kept dropping as the global economy ground to a standstill. But consumption recovered in the fourth quarter, causing demand for Korea's key exports to rise again.

    Exports also rose 7.3 percent on-year in September, but that was due to the fact that there were more working days than last year, and average daily exports still declined 4.4 percent.

    But since October Korea's main exports have been emerging from a slump. Fifteen out of the top 20 export products increased on-year. They include semiconductors, displays, mobile communication devices, rechargeable batteries, home appliances, computers, cars, ships and cosmetics.

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