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Roundup: S. Korean exports rise to 16-month high on higher item prices

Xinhua, December 1, 2016 Adjust font size:

South Korea's exports rose to the highest in 16 months in November thanks to higher prices of export items and more business days, a government report showed on Thursday.

The factors, which led the November shipments, can be seen as a one-off effect, fueling the remaining worry about faltering exports caused by growing protectionist moves and slumping global trade.

Exports, which account for about half of the export-driven economy, increased 2.7 percent from a year earlier to 45.5 billion U.S. dollars in November, according to the Ministry of Trade, Industry and Energy (MOTIE).

It was the first rebound in three months, rising to the highest in 16 months. The overseas shipment increased in 20 months in August, but it turned downward again in September and October before the November rebound.

In terms of volume, exports gained 3.5 percent in November from a year earlier, marking the first growth in six months.

Daily average exports, which exclude ships, amounted to 1.75 billion dollars in November, up 4.0 percent compared with the previous year. It was the first increase in 21 months.

Growth in November exports were mainly attributable to temporary factors, including higher export product prices and more working days by a day.

Amid higher global crude prices, petrochemical exports jumped 20 percent over the year to 3.28 billion dollars in November, the highest since July last year. Oil product shipments rose for the first time in 27 months.

Semiconductor exports reached the country's fifth-biggest monthly figure of 5.79 billion dollars on the back of higher chip prices. Shipments of display panels gained 2.4 percent on higher LCD panel prices, the first expansion in 18 months.

Auto shipments turned upward as major local carmakers ended labor strikes. Steel exports posted the double-digit growth in 26 months on higher export prices, with those for general machinery and computers surging 19.3 percent and 13.0 percent respectively.

Ship exports tumbled 36.8 percent amid the global slowdown in the shipbuilding industry. Major South Korean shipbuilders are struggling with the government-led restructuring amid falling orders.

Exports of telecommunication devices, including smartphones, plunged 17.9 percent as Samsung Electronics discontinued its latest Galaxy Note 7 devices on global reports of the phones catching fire and overheating.

By country, exports to China, South Korea's largest trading partner, reached this year's high of 11.7 billion dollars in November, up 0.4 percent from a year earlier. It was the first increase in 17 months.

Shipments to the United States and Japan expanded 3.9 percent and 12.6 percent each, with those to Vietnam and the Middle East jumping 38.5 percent and 11.1 percent respectively.

The country's overall imports advanced 10.1 percent to 37.5 billion dollars in November, sending the trade surplus to 8 billion dollars. The trade balance has stayed in the black for 58 months since February 2012. Endit