S. Korea's exports in November hit all-time high of US$ 60.44 bil.
Updated: 2021-12-01 17:01:01 KST
Despite the pandemic, South Korea in November posted its best-ever monthly figure for exports.
Shipments surpassed 60 billion U.S. dollars for the first time.
At this pace, that could mean a new record for the year as well.
Kim Sung-min reports.
South Korea's exports in November hit an all-time monthly high, reaching a milestone of 60 billion U.S. dollars for the first time on record.
According to the Ministry of Trade, Industry and Energy on Wednesday, exports last month came to around 60.4 billion dollars, up more than 32 percent from a year earlier.
It was the 13th consecutive month of on-year growth.
South Korea's key exports including chips, cosmetics and computers drove the surge, with some of the items breaking their own record for the month of November.
In fact13 out of 15 major items saw an increase.
Exports of automobile parts declined because of on-going global chip shortages, while biohealth products were down due to the base effect from last year which marked the third highest November for exports.
In terms of destination countries, fresh records were reported for China and ASEAN nations.
Exports to China rose above 15 billion dollars for the first time ever, with the ASEAN seeing exports over 10 billion.
So far, the country's exports from January to November are closing in on 5-hundred-84 billion dollars, higher than any other years for the same period.
At this pace, exports from South Korea are expected to set a new annual record this year, though downside risks remain.
"Will this trend continue next year? For the beginning of next year probably but I think this is expression of a pent-up demand that people had during the coronavirus lockdowns and shutdownsI think as we return to normal we will not see this extraordinary demand for IT products and semiconductors"
Experts also warn that the on-going supply bottlenecks around the world are another factor that could keep exports from growing as they have been.
Kim Sung-min, Arirang News.