Roundup: S.Korea's export keeps falling for 2nd month in November

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SEOUL, Dec. 1 (Xinhua) -- South Korea's export kept falling for the second consecutive month in November, leading to trade deficits for eight months in a row, government data showed Thursday.

Export, which takes up about half of the export-driven economy, amounted to 51.91 billion U.S. dollars in November, down 14.0 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.

The outbound shipment continued to slide after dwindling 5.7 percent in October, the first export decrease in two years since October 2020.

The double-digit export reduction was attributed to the prolonged geopolitical risks in Europe and the rising worry about global economic downturn, driven by rapid interest rate hikes in major economies.

Semiconductor export tumbled 29.8 percent over the year to 8.45 billion dollars in November, after dropping 17.4 percent in the previous month amid lower chip prices, caused by global supply glut.

Shipment for mobile phones, display panels and computers dipped in double figures on weaker global demand.

Oil products export advanced 26.0 percent to 4.88 billion dollars last month on expensive crude oil, while shipment for steel and petrochemical products slipped in double digits due to soft demand and supply glut.

Automotive export jumped 31.0 percent to 5.4 billion dollars on robust demand for high-priced eco-friendly vehicles, but home appliances shipment plunged 25.0 percent to 590 million dollars.

Shipment for auto parts and secondary batteries inched up to 1.86 billion dollars and 740 million dollars each, but general machinery export fell 1.7 percent to 4.33 billion dollars.

Export to the United States and the European Union (EU) climbed to 8.79 billion dollars and 5.3 billion dollars each, but shipment to the Association of Southeast Asian Nations (ASEAN) declined 13.9 percent to 9.08 billion dollars.

Shipment to Japan and Central and Latin American countries retreated in double figures last month, but export to the Middle East gained in single digits.

South Korea's import gained 2.7 percent from a year earlier to 58.93 billion dollars in November, sending the trade deficit to 7.02 billion dollars.

The trade balance stayed in red for the eighth successive month since April amid sluggish export and higher energy import cost.

Import of the country's three major energy sources, including crude oil, natural gas and coal, surged 27.1 percent to 15.51 billion dollars in November.

For the first 11 months of this year, import of the three energy sources came to 174.1 billion dollars, which almost doubled compared to 99.9 billion dollars tallied in the same period of last year.

During the January-November period, the country's accumulated export reached 629.1 billion dollars, up 7.8 percent from a year earlier.

The accumulated import soared 21.2 percent to 671.6 billion dollars in the 11-month period.

Affected by the faster increase in import than export, the accumulated trade deficit hit a record high of 42.5 billion dollars in the cited period. Enditem

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