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SEOUL : South Korea’s export growth beat market expectations and accelerated in November, trade data showed on Friday, with chip sales rising for the first time in 16 months.
Overseas sales by Asia’s fourth-largest economy rose 7.8 per cent year-on-year to $55.80 billion, compared with a median 4.7 per cent gain tipped in a Reuters survey of economists.
It was faster than a rise of 5.1 per cent in the previous month, which was the first annual increase in 13 months, and marked the fastest growth since July 2022.
Exports of semiconductors, South Korea’s main selling item, rose 12.9 per cent, ending 15 months of declines. Car exports jumped 21.5 per cent, extending gains to a 17th consecutive month, while rechargeable batteries climbed 24.8 per cent.
Imports fell 11.6 per cent to $52.00 billion, compared with losses of 9.7 per cent the month before and 8.6 per cent expected by economists.
As a result, the country posted a trade surplus of $3.80 billion in November. It was the biggest monthly surplus since September 2021.
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