South Korea's semiconductor exports achieved their first growth in 16 months in November, with a year-on-year increase of 12.9%
The latest data released by the South Korean Ministry of Industry, Trade, and Resources shows that South Korea's export volume in November this year increased by 7.8% compared to the same month last year to $55.8 billion, achieving export growth for two consecutive months. Among them, South Korea's semiconductor exports in November reached 9.52 billion US dollars, an increase of 12.9% compared to the same month last year.
Due to the downturn in semiconductors and exports to China, South Korea's export volume has been declining for 12 consecutive months from October 2022 to September 2023. However, after an increase in exports in October this year, the export recovery in November seems to be more pronounced.
By region, exports in six of the nine major export markets, except for China (down 0.2%), the Middle East, and the Commonwealth of Independent States, have increased. The report states that although South Korea's exports to China have decreased by 0.2% compared to the same month last year, they have reached the threshold for a "positive transformation". In November, South Korea's exports to China reached 11.4 billion US dollars, surpassing 100 US dollars for the fourth consecutive month.
As a major product of South Korea, semiconductor exports have also experienced growth for the first time in 16 consecutive months since August 2022.
According to the analysis of industry and commerce resources, although semiconductor exports showed a recovery trend after hitting a low point in the first quarter of 2023, with fixed prices of storage semiconductors rising since October, semiconductor exports in November turned upward. Due to the increasing demand for new smartphone products and artificial intelligence (AI) server products, it is expected that semiconductor exports will continue to improve.
In semiconductor exports, the export value of storage semiconductors reached 5.24 billion US dollars, an increase of 36.4% compared to the same period last year.
Especially, due to the continued active export of high value-added vehicles such as electric vehicles, the export value of automobiles reached 6.53 billion US dollars in November, the highest level since records began in November.
In terms of semiconductor exports to China, the first quarter of 2023 saw a year-on-year decrease of 45%, the second quarter saw a decrease of 35%, and the third quarter saw a decrease of 35%. However, due to increased demand in China, the decline narrowed to 8% in October, followed by a 6% increase in November.
Researchers predict that IT products will lead export growth, and with the recovery of global IT market demand, South Korea's semiconductor exports will increase by more than 20% next year compared to this year.
By region, exports in six of the nine major export markets, except for China (down 0.2%), the Middle East, and the Commonwealth of Independent States, have increased. The report states that although South Korea's exports to China have decreased by 0.2% compared to the same month last year, they have reached the threshold for a "positive transformation". In November, South Korea's exports to China reached 11.4 billion US dollars, surpassing 100 US dollars for the fourth consecutive month.
As a major product of South Korea, semiconductor exports have also experienced growth for the first time in 16 consecutive months since August 2022.
According to the analysis of industry and commerce resources, although semiconductor exports showed a recovery trend after hitting a low point in the first quarter of 2023, with fixed prices of storage semiconductors rising since October, semiconductor exports in November turned upward. Due to the increasing demand for new smartphone products and artificial intelligence (AI) server products, it is expected that semiconductor exports will continue to improve.
In semiconductor exports, the export value of storage semiconductors reached 5.24 billion US dollars, an increase of 36.4% compared to the same period last year.
Especially, due to the continued active export of high value-added vehicles such as electric vehicles, the export value of automobiles reached 6.53 billion US dollars in November, the highest level since records began in November.
In terms of semiconductor exports to China, the first quarter of 2023 saw a year-on-year decrease of 45%, the second quarter saw a decrease of 35%, and the third quarter saw a decrease of 35%. However, due to increased demand in China, the decline narrowed to 8% in October, followed by a 6% increase in November.
Researchers predict that IT products will lead export growth, and with the recovery of global IT market demand, South Korea's semiconductor exports will increase by more than 20% next year compared to this year.