(2nd LD) S. Korea's exports grow for 14th month in Nov. on record shipments of chips

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By Kang Yoon-seung

SEOUL, Dec. 1 (Yonhap) -- South Korea's exports extended on-year gains to the 14th straight month in November, data showed Sunday, on the back of the strong performance of chips.

Outbound shipments rose 1.4 percent from a year earlier to US$56.3 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports shed 2.4 percent on-year to $50.7 billion, resulting in a trade surplus of $5.61 billion. South Korea has been maintaining a trade surplus for 18 consecutive months.

Despite its long streak of on-year growth in exports, the rate of growth has been on a steady decline since August.

Seoul's exports gained 13.5 percent on-year in July, but the rate of growth slipped to 10.9 percent, 7.1 percent and 4.6 percent in August, September and October, respectively.

By sector, exports of semiconductors shot up 30.8 percent to hit $12.5 billion last month, marking the highest amount for any November. It was also the fourth consecutive month the country has set a new monthly high for chip exports.

Outbound shipments of automobiles, on the other hand, tumbled 13.6 percent on-year to $5.6 billion, due to production disruptions following major auto parts makers' strike in November. The ministry added that weather conditions also hindered shipments of automobiles late last month.

Exports of petroleum and petrochemical products dipped 18.7 percent and 5.6 percent, respectively, due to falling crude prices.

The biohealth sector logged 19.6 percent on-year growth to $1.4 billion, maintaining growth for five straight months. Exports of ships spiked 70.8 percent on-year to $2.5 billion.

By destination, exports to China, the top trading partner, edged down 0.6 percent. Exports to the United States fell 5.1 percent, the data showed.

"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.

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