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(LEAD) S. Korea's exports up 9.6 pct in Nov. on memory chips

All News 10:06 December 01, 2017

(ATTN: UPDATES with more details in last three paras)

SEJONG, Dec. 1 (Yonhap) -- South Korea's exports rose 9.6 percent in November from a year earlier to mark the 13th consecutive monthly gain, fueled by strong demand for memory chips and machinery, government data showed Friday.

Outbound shipments came to US$49.67 billion for November, up from $45.3 billion a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service.

The total value of exports in the first 11 months of this year hit a record high of $528.4 billion.

Exports for Asia's fourth-largest economy have been on a steady rise since November 2016, led by an upturn in oil prices and recovering global trade.

Imports also jumped 12.3 percent on-year to $41.83 billion last month.

South Korea's trade surplus came to $7.84 billion, marking 70 straight months in which the country's exports have exceeded imports, the ministry said.

The ministry attributed the hike in exports to greater demand for semiconductors, machinery petrochemical and products, as well as steel, autos and displays.

In the first 11 months, accumulated shipments of memory chips were worth $88.3 billion and those of general machinery $44.1 billion. Both these figures were the highest tallied, the ministry said.

In November, outbound shipments to China, South Korea's largest trading partner, soared 20.5 percent, marking a fourth-month surge, while those to Southeast Asian nations advanced 13.4 percent, resulting in the 13th consecutive month of double-digit growth.


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