S. Korea’s export grows for 13th month in October

SEOUL, Nov. 1 (Xinhua) — South Korea’s exports grew for the 13th straight month due to strong demand for locally-made semiconductors and automobiles, government data showed Friday.
Export, which accounts for about half of the export-driven economy, gained 4.6 percent from a year earlier to 57.52 billion U.S. dollars in October, continuing to rise since October 2023, according to the Ministry of Trade, Industry and Energy.
Import climbed 1.7 percent to 54.35 billion dollars in October, sending the trade surplus to 3.17 billion dollars. The trade balance stayed in black for the 17th consecutive month since June 2023.
Of the country’s 15 major export items, 10 products saw an expansion in outbound shipment.
Semiconductor exports jumped 40.3 percent over the year to 12.54 billion dollars in October, maintaining an upward trend for the 12th successive month.
The double-digit growth was attributed to demand for high-end chips such as DDR5 and high bandwidth memory (HBM) used in generative artificial intelligence (AI) chipsets.
Mobile device shipments advanced 19.7 percent to 2.05 billion dollars due to the global smartphone market recovery, while computer exports soared 54.1 percent to 960 million dollars on steady demand for solid-state drives (SSD).
Display panel exports tumbled 22.7 percent to 1.62 billion dollars owing to weaker demand for panels used in home appliances and other IT products.
Automotive shipments swelled 5.5 percent to 6.2 billion dollars in October compared to the same month of 2023, keeping an upward trend for the second straight month on the back of robust demand for hybrid electric vehicles.
Auto parts exports mounted 5.9 percent to 1.88 billion dollars, but general machinery shipment declined 8.1 percent to 3.96 billion dollars.
Shipments for oil products plunged 34.9 percent to 3.37 billion dollars due to cheaper crude oil, while petrochemical exports increased 10.2 percent to 3.99 billion dollars.
Dubai crude, South Korea’s benchmark, averaged 74.9 dollars per barrel in October, down 16.5 percent from a year earlier.
Exports for steel products, home appliances and textiles rose in single digits to 2.87 billion dollars, 690 million dollars and 860 million dollars each, but secondary battery shipments reduced 9.0 percent to 620 million dollars.
Exports to the United States expanded 3.4 percent over the year to 10.4 billion dollars in October, keeping an upward trend for the 15th successive month since August 2023.
Shipments to the Association of Southeast Asian Nations (ASEAN) shrank 4.5 percent to 10.05 billion dollars owing to lower demand for oil products and ships, but exports to the European Union (EU) gained 5.7 percent to 5.3 billion dollars.
Exports to Japan, India and the Middle East slipped to 2.42 billion dollars, 1.51 billion dollars and 1.53 billion dollars each, but shipments to Latin America surged 21.6 percent to 2.37 billion dollars.
Regarding import items, the import of three major energy sources, including crude oil, natural gas and coal, reduced 6.7 percent to 11.16 billion dollars in October compared to the same month of 2023.
Non-energy imports grew 4.1 percent to 43.19 billion dollars on higher semiconductor demand. ■