Exports more than double in 1st 10 days of November

Korea’s exports more than doubled in the first 10 days of November from a year earlier, customs data showed Wednesday, bringing the country closer to reaching $1 trillion in annual exports.

Outbound shipments reached $33.5 billion in the Nov. 1-10 period, compared with $15.7 billion a year earlier, according to data from the Korea Customs Service.

It was the highest export value recorded for the first 10 days of any November.

Imports rose 45 percent on-year to $24.7 billion over the cited period, resulting in a trade surplus of $8.8 billion.

By sector, exports of chips soared 331.2 percent to $16.6 billion.

Semiconductors accounted for 49.7 percent of the total outbound shipments, up 25.3 percentage points from a year earlier.

Outbound shipments of petroleum products also more than doubled to $2 billion over the period.

Exports of cars, on the other hand, fell 4.3 percent to $1.4 billion.

By destination, exports to China vaulted 148 percent to $9.16 billion, while those to the United States surged 163.6 percent to $6.79 billion.

Cumulative exports this year through Tuesday, meanwhile, reached $963.6 billion, putting South Korea on track to surpass $1 trillion in annual exports for the first time ever.

The cumulative trade surplus over the same period stood at $303.7 billion.