Exports in November hit monthly record, $15.3 billion

Exceeding $15 billion two months running, exports in November recorded an epoch-making amount, $15.3 billion.
According to November Export and Import data tentatively summed up by the Ministry of Commerce, Industry and Energy (MOCIE), exports in November increased by 24.1% to $15.32 billion over the same period last year, $12.34 billion. Imports recorded $14.08 billion, showing a 22.1% growth over $11.53 billion last year. The trade balance stood at $1.23 billion in the black for November.
To date, the $15 billion export mark has been exceeded four times in a single month, in June 2000 ($15.25 billion), September 2000 ($15.13 billion), October 2000 ($15.24 billion), and October 2002 ($15.11 billion).
Considering that the confirmed amount represents a $100 million decrease over previous estimates, November exports are unlikely to reach the largest record of June 2000.
Accumulated export amounts increased by 6.7% to $147.7 billion and imports grew by 6% to $137.5 billion. The trade surplus may well break the presumed goal, $10 billion for this year, as the trade surplus stood at $10.21 billion in November.
Most items showed growth, such as a 43.8% growth in semi-conductors, 25.3% in communication tools, 20.6% in cars, 12.5% in home appliances, 92.5% in vessels, 16.3% in general motors, 13% in computers and 35.7% in petrochemicals.
For exports, wireless communication tools including mobile phones, for the first time, occupied the lion’s share on a monthly basis, $1.58 billion, pushing off both cars and semi-conductors.
Most principal exporting companies showed two-digit number increases, including 53.8% growth toward China, 9.5% for the US, 39.9% to the European Union, 22.1% to ASEAN countries, 13.7% to Japan, 11.8% to the Middle East, 88.3% to Central and South America.
Since November 2000, imports this November were the largest for fast growing crude oil, natural gas and petrochemical products.