South Korea’s monthly exports hit a new milestone of $60 billion in November on strong global demand for Korean vessels and petrochemicals on top of still-robust mainstay shipments of chips and steel.

According to data released by the Ministry of Trade, Industry and Energy on Wednesday, the country’s outbound shipments came to record $60.4 billion in November, up 32.1 percent from the same period last year.

The turnout tops previous monthly high of $55.92 billion in September.

Korea’s exports gained nonstop since November last year and in double digits for the ninth straight month.

Daily exports jumped 26.6 percent to $2.52 billion in November based on 24 working days, one day less than November of last year.

In November, exports of 13 out of the country’s 15 mainstay items rose.

Outbound shipments of vessels topped in whopping gain of 237 percent, followed by petroleum products (125.5 percent), computers (73.5 percent), petrochemical products (63 percent), and steel (45.9 percent) gained in November, while those of auto components and bio health items fell 2.2 percent and 0.7 percent, respectively.

Exports to nine major markets all increased in double to triple digits from a year ago and extending gains for eight straight months for the first time. Outbound shipments to China reached $15 billion for the first time in November and to Association of Southeast Asian Nations $10 billion for the first time.

Imports jumped 43.6 percent on year to $57.4 billion in November, leading to a trade surplus of $3.09 billion for a 19th straight month. Korea’s trade surplus narrowed from $4.45 billion in June to $1.76 billion in July and $1.67 billion in August before widening to $4.2 billion. Surplus fell to over $1.6 billion in October before rising to over $3 billion.

Korea is expected to post all-time high exports this year. In the January-November period, Korea’s exports reached $583.8 billion and trade volume at $1.138 trillion, nearing last annual record of $604.9 billion and $1.14 trillion in 2018.

By Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]