Seoul: South Korea's exports surged by 8.4 percent in November compared to the previous year, reaching over US$61 billion, driven by robust semiconductor demand, as shown by government data released on Monday. This marks the sixth consecutive month of growth in exports for the country.

According to Yonhap News Agency, outbound shipments totaled $61.04 billion last month, marking the highest figure ever recorded for November. The data compiled by the Ministry of Trade, Industry and Resources indicated that imports also experienced a modest increase of 1.2 percent year-on-year, amounting to $51.3 billion, which resulted in a trade surplus of $9.73 billion.

The accumulated exports from January to November reached a record high of $640.2 billion. Semiconductor exports, in particular, saw a significant rise of 38.6 percent year-on-year, achieving an all-time monthly high of $17.26 billion. This surge was fueled by a continued rise in memory chip prices, driven by strong demand for high-value products used in data centers.

In addition to semiconductors, auto exports increased by 13.7 percent to $6.41 billion, fueled by strong performances of internal combustion and hybrid vehicles. Exports of wireless communication devices rose by 1.6 percent to $1.73 billion, while shipments of secondary batteries climbed 2.2 percent to $670 million. There was also growth in exports of electrical equipment, agro-fisheries products, and cosmetics, which expanded by 5.2 percent, 3.3 percent, and 4.3 percent, respectively.

However, not all sectors experienced growth. Exports of petroleum products fell by 10.3 percent to $3.28 billion, and exports of petrochemical products dropped by 14.1 percent to $3.06 billion due to a global oversupply. By region, exports to the United States decreased slightly by 0.2 percent to $10.35 billion in November. Notably, semiconductor and auto exports to the U.S. increased by 39 percent and 11 percent, respectively, in the first 25 days of the month. Conversely, steel product shipments to the U.S. plunged by 24 percent, with machinery exports contracting by 18 percent.

Exports to China saw a rise of 6.9 percent, reaching $12.07 billion, spurred by demand for semiconductors, petroleum, and machinery products. Shipments to the Association of Southeast Asian Nations (ASEAN) grew by 6.3 percent to $10.42 billion, led primarily by semiconductors. Exports to the Middle East surged by 33.1 percent to $2.18 billion. Meanwhile, shipments to the European Union declined by 1.9 percent to $5.34 billion due to reduced demand for steel and ships.