South Korea's exports growth accelerated in November, fueled by strong overseas demand for LCD panels, semiconductors, ships and steel, a government report said Friday.
Overseas shipments surged 19.8 percent year-on-year to US$ 30.9 billion, compared with a 10.8 percent, or $28 billion, annual increase the previous month, according to the report by the Ministry of Commerce, Industry and Energy.
Imports increased 12.7 percent to $26.9 billion last month, the ministry said.
In the first 11 months of the year, the country's exports increased 14.8 percent annually to $297 billion, accelerating from a 12.2 percent gain during the corresponding period of last year.
November marked the tenth-straight monthly double-digit rise in exports, a clear indication that South Korean products have gained international competitiveness despite uncertainties surrounding North Korea's detonation of a nuclear device on Oct. 9.
Also, it was the first time for the country's exports to exceed $30 billion on a monthly basis, according to the ministry.
On a daily basis, South Korean companies shipped out an average of $1.29 billion worth of goods. South Korea has been exporting an average of more than $1 billion a day since September 2005.
Exports of LCD panels rose 27.1 percent compared to the year before, while those for ships and semiconductors posted growth of 89.3 percent and 49.6 percent, respectively. Steel and auto exports marked 37.7 percent and 17.4 percent growth each.
The ministry said annual exports will reach $326 billion this year, more than an earlier estimate of $318 billion.
The South Korean economy, Asia's fourth-largest, is expected to grow 5 percent this year on resilient exports and a recovery in private spending.
But a rising currency makes overseas shipments more expensive for global buyers and threatens to curb profits for exporters.
The Korean won has risen 8.7 percent against the U.S. dollar this year, and reached a nine-year high this week.
Also, economic growth is expected to slow to the mid-4-percent range next year on slowing global economy.
Finance Minister Kwon Okyu said earlier that the economy faces increased downside risks, including a U.S. slowdown that may damp exports.
By region, shipments heading for China and Japan increased 20 percent and 15 percent, respectively, while those going to the United States fell 0.8 percent during the cited month.
Imports were led by sharp increases in consumer goods, while raw material and crude oil imports declined following dips in international prices, the ministry said.
In the first 11 months of the year, imports surged 18.9 percent to $282 billion, compared with $237 billion during the same period last year, according to the ministry.
The country's 11-month trade surplus amounted to $15.2 billion, compared with $21.7 billion during the cited period last year, it said.
Seoul, Dec. 1 (Yonhap News)
S. Korea's exports gain 19.8 percent to $30.9 bln in November |
