Roundup: S. Korea's Export Rebounds In November On Recovering Global Demand

South Korea's export rebounded last month on recovering global demand, especially for locally-made electronic parts and products, a government report showed Tuesday

SEOUL (UrduPoint / Pakistan Point News - 1st Dec, 2020 ) :South Korea's export rebounded last month on recovering global demand, especially for locally-made electronic parts and products, a government report showed Tuesday.

Export, which accounts for about half of the export-driven economy, grew 4.0 percent from a year earlier to 45.81 billion U.S. Dollars in November, according to the Ministry of Trade, Industry and Energy.

Import shrank 2.1 percent to 39.88 billion dollars, sending the trade surplus to 5.93 billion dollars. The trade balance stayed in black for seven months in a row.

The country's outbound shipment kept falling from March to August amid an economic fallout from the COVID-19 pandemic.

It turned around 7.3 percent in September, before sliding 3.8 percent in October. The November rebound reflected a partial recovery in global demand, especially for electronic components and products.

Chip export jumped 16.4 percent in November from a year earlier, continuing to rise for five straight months as the COVID-19 pandemic and its consequent stay-at-home trend increased demand for electronic products.

Shipment of display panels, home appliances and telecommunication devices, such as smartphones, soared over 20 percent last month.

Computer shipment kept expanding for 14 months running as people preferred to work at home and attend online classes amid the prolonged pandemic.

Automotive export continued to increase for the third consecutive month on demand for sport utility vehicles (SUV) and environmentally-friendly vehicles.

Auto parts shipment climbed 6.5 percent, but export for steel and general machinery declined in single digits amid the still lackluster global economy.

Oil product shipment plunged 50.6 percent last month owing to the global supply glut and weaker demand, caused by the COVID-19 resurgence in Europe and the United States.

Export for biotechnology and healthcare products was on the rise for 15 straight months through November thanks to the demand for COVID-19 test kits and locally-produced biosimilars.

Cosmetics shipment jumped 25.4 percent, keeping an upward trend for six months in a row, while secondary battery export continued to grow for the third consecutive month.

Shipment to South Korea's four major export markets, including China, the United States, the European Union (EU) and the Association of Southeast Asian Nations (ASEAN), all increased last month.

The country's export to the four key markets takes up about two-thirds of its total outbound shipment.

Export to China, South Korea's biggest trading partner, rose 1.0 percent in November from a year earlier, with those to the United States and the ASEAN growing 6.8 percent and 6.4 percent each. Export to the EU surged 24.6 percent last month.

The trade ministry expected the country's export to keep growing in December amid the global economic recovery and the higher number of working days in the month compared to a year earlier.

South Korea's daily average export, which excludes the working-day effect, went up 6.3 percent in November from a year earlier, maintaining an upward momentum for the second straight month.

The export unit price picked up 15.1 percent last month, marking the first double-digit growth since October 2018. It indicated the rising export of high-quality local products.