South Korean exports gained 2.7 percent to $45.5 billion in November, the largest value since July last year, as shipment of mainstay items except for smartphones due to Samsung Electronics’ discontinuation of Galaxy Note7 all rose thanks to rebound in international prices.

The general uplift in shipments raised hope that Korean exports that had been in the lengthiest doldrums of stooping for almost two years may finally be bottoming out.

Shipment volume rose 3.5 percent in November, highest since May, buoyed by improvement in the cost of mainstay electronic items, the preliminary trade data from the Ministry of Trade, Industry, and Energy showed Thursday.

“Out of 13 key export items, 11 rebounded except for ships and wireless telecommunication devices,” said the ministry.

Semiconductor exports reached $5.79 billion, fifth largest-ever, due to rebound in the prices of dynamic random access memory chips that power PCs whose global supplies are mostly supplied by Korea’s two chipmakers.

Thanks to recovery in international oil prices, petrochemical exports also jumped 20.0 percent to $3.28 billion. Display shipment gained 2.4 percent due to strengthening in liquid crystal display panel prices.

Automobile exports also rebounded for the first time in 17 months, up 1.5 percent on year, as manufacturing is no longer disrupted by strikes. Steel shipment jumped 10.8 percent on improving export price. Machinery and computer exports rose 19.3 percent and 13.0 percent, respectively.

Wireless phone devices plunged 17.9 percent due to the fallout of Galaxy Note7.

Exports to China reached an annual high of $11.7 billion. Exports to other major markets also all improved, up 3.9 percent to the United States, and 12.6 percent to Japan.

In another hopeful sign of rejuvenated manufacturing activity, imports also reached 16-month high of $37.5 billion, up 10.1 percent from the same period last year. Trade surplus in November amounted to $8 billion.

“Despite the positive signs, we cannot know if they can keep up as the global economy still moves at slow motion and there are downside risks from imminent rise in U.S. interest rates and spread of trade protectionist actions, the ministry said.

By Seo Dong-cheol

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