Exports more than double in 1st 10 days of November

South Korea's exports more than doubled in the first 10 days of November compared to the same period last year, according to customs data released on Wednesday. The total value of outbound shipments reached $33.5 billion during this period, up from $15.7 billion a year earlier. This marked the highest export value recorded for the first 10 days of any November. Imports increased by 45% year-on-year to reach $24.7 billion, resulting in a trade surplus of $8.8 billion.

The semiconductor sector saw a remarkable surge, with exports jumping by an astonishing 331.2% to $16.6 billion. This accounted for 49.7% of the total outbound shipments, up 25.3 percentage points from the previous year. Petroleum products also experienced a substantial increase, with exports more than doubling to $2 billion. However, car exports declined by 4.3% to $1.4 billion.

Exports to China saw a significant boost, rising by 148% to $9.16 billion. Meanwhile, exports to the United States surged by 163.6% to $6.79 billion. As of Tuesday, cumulative exports for the year had reached a substantial figure, bringing South Korea closer to its goal of achieving $1 trillion in annual exports.