Semiconductor Exports Surge 38.7%, Achieving 31 Consecutive Months of Trade Surplus

Export Growth Led by Semiconductors

Korea’s exports turned positive again after two months of decline. After consecutive drops in September and October last year, exports are now rebounding, mainly driven by semiconductors. Semiconductor exports jumped 38.7% compared to the same month last year, helping Korea maintain a trade surplus.

Overall exports reached $60.11 billion, up 5.5% from the same month last year. The Bank of Korea explained, “The growth in IT product exports, especially semiconductors, has expanded significantly, while non-IT exports like passenger cars also increased, reducing the overall decline.”

31 Months of Continuous Trade Surplus

Korea has now recorded a trade surplus for 31 straight months. This positive trend is thanks to strong semiconductor exports combined with a slight decrease in imports.

Imports totaled $46.8 billion, slightly down from $48.06 billion last month and $47.11 billion a year ago. This marks the second month in a row of declining imports. The Bank of Korea noted, “While imports of passenger cars and gold continued to rise, energy prices fell, leading to a decrease in raw material imports.”

Foreign Investment Boosts Financial Accounts

As Korean investors, often called “Korean global investors,” continue to pour money into U.S. markets, Korea’s financial assets are expanding. In November alone, the financial account saw an increase of $8.27 billion, up from $6.81 billion the previous month.

Within the financial account, securities investments (stocks and bonds) increased by $6.52 billion. Korean investors bought more overseas stocks—adding $1.25 billion—while bond investments decreased slightly by $28 million. Overall, securities investments grew by $12.26 billion.

Economic Outlook and Challenges

Despite the strong semiconductor export performance, concerns about Korea’s long-term economic growth persist. Major global investment banks forecast Korea’s growth rate at around 2.0%, slightly below the U.S. at 2.3%, suggesting Korea may face four consecutive years of slower growth.

While the U.S. benefits from booming AI chip investments and expansion into future industries, Korea faces structural challenges like sluggish domestic demand and rapid aging, which are hurting productivity. Business leaders are encouraged to focus on strategic investments in future growth sectors and proactive structural reforms instead of relying solely on government spending.