South Korea's exports posted year-on-year growth for the 14th consecutive month in November, driven by record semiconductor shipments, data from the Ministry of Trade, Industry and Energy showed Sunday.

Outbound shipments rose 1.4 percent from a year earlier to $56.3 billion last month, while imports fell 2.4 percent on-year to $50.7 billion, resulting in a trade surplus of $5.61 billion. The country has maintained a trade surplus for 18 consecutive months.

By sector, exports of semiconductors surged 30.8 percent to $12.5 billion, marking the highest amount for November on record. This also marked the fourth consecutive month of new highs in monthly chip exports, supported by strong demand for premium models like high-bandwidth memory chips.

However, automobile exports declined 13.6 percent on-year to $5.6 billion due to production disruptions caused by a strike at major auto parts manufacturers and adverse weather conditions that delayed shipments.

Shipments of petroleum and petrochemical products dropped 18.7 percent and 5.6 percent, respectively, amid falling crude oil prices. Meanwhile, the biohealth sector saw a 19.6 percent increase to $1.4 billion, marking five consecutive months of growth. Exports of ships jumped 70.8 percent to $2.5 billion.

Exports of batteries, however, decreased 26.3 percent to $658 million, reflecting weaker global demand for electric vehicles.

By destination, exports to China, South Korea's largest trading partner, edged down 0.6 percent to $11.28 billion, impacted by weaker consumer sentiment and sluggish demand for mobile devices in the Chinese market.

Exports to the United States fell 5.1 percent to $10.39 billion, primarily due to losses in the automobile and machinery sectors. However, semiconductor exports to the US gained ground, supported by robust demand from data centers and cloud computing industries.

Shipments to Southeast Asian nations edged up 0.4 percent, bolstered by chip exports, while exports to the European Union increased 0.9 percent, driven by demand for biohealth products and ships.

"In November, there were unexpected hurdles in exports, including the strike by auto parts makers, which led to decreased car production, and weather conditions that disrupted shipments," Industry Minister Ahn Duk-geun said in a statement.

"However, South Korea has been able to maintain export growth for 14 straight months, along with 18 consecutive months of trade surplus, thanks to the strong performance of key items, including chips and ships," Ahn added.

Over the January-November period, South Korea's exports rose 8.3 percent on-year to $622.2 billion, a significant rebound compared to the 7.4 percent decline recorded for all of 2023. (Yonhap)