South Korea ended November 2025 on a high note, with the Ministry of Trade, Industry and Resources announcing that the country’s exports surged by 8.4 percent compared to a year earlier, reaching a record $61.04 billion for the month. This marks the sixth consecutive month of export growth, an impressive streak in the face of global economic headwinds and shifting trade dynamics. The performance not only set a new benchmark for November but also put the nation within striking distance of its ambitious annual export target of $700 billion.
According to data from the Ministry, cumulative exports from January to November 2025 have already hit $640.2 billion—the highest figure for the same period in the past three years. To meet the government’s annual target, December’s exports need to surpass $59.8 billion. Given that December 2024 saw $61.4 billion in exports, officials and industry watchers are cautiously optimistic that the $700 billion milestone will be crossed this year.
What’s driving this export boom? The answer lies largely in the surging demand for semiconductors, which have become the backbone of South Korea’s export economy. In November, semiconductor exports soared by a staggering 38.6 percent year-on-year to an all-time monthly high of $17.26 billion. This marks nine consecutive months of growth for the sector, fueled by rising memory chip prices and robust demand for high-value products, particularly those used in data centers. The cumulative semiconductor export figure for the first eleven months of 2025 has already reached $152.6 billion, eclipsing last year’s record of $141.9 billion with a month still to go.
Automobiles have also played a pivotal role. Auto exports climbed 13.7 percent to $6.41 billion in November, buoyed by strong performances in both internal combustion engine and hybrid vehicles. Cumulative auto exports from January to November reached $66.04 billion, setting a new record for the period and leaving just $4.83 billion needed to surpass the previous annual best of $70.86 billion. Wireless communication devices and secondary batteries also saw gains of 1.6 percent and 2.2 percent, respectively, reflecting steady demand in emerging technology sectors.
Other sectors contributed to the positive trend as well. Exports of electrical equipment, agro-fisheries products, and cosmetics expanded by 5.2 percent, 3.3 percent, and 4.3 percent, respectively. However, not all industries shared in the momentum. Exports of petroleum products dipped 10.3 percent to $3.28 billion, and petrochemical products dropped 14.1 percent to $3.06 billion, both hit by a global oversupply that has dampened prices and demand.
On the import side, South Korea recorded a modest 1.2 percent increase in November, with total imports reaching $51.3 billion. Energy imports fell sharply by 18.4 percent to $8.72 billion, but non-energy imports rose 6.4 percent, reflecting shifts in the country’s consumption and production patterns. The resulting trade surplus for November stood at $9.73 billion, an increase of $4.17 billion from the previous year. The cumulative trade surplus for the first eleven months of 2025 is $66.07 billion, already well above last year’s total of $51.84 billion.
Regionally, the export picture is a mosaic of gains and losses. Shipments to China, South Korea’s largest trading partner, rose 6.9 percent to $12.07 billion in November, exceeding $11 billion for the third month in a row. This was underpinned by strong demand for semiconductors, petroleum products, and machinery. Exports to the Association of Southeast Asian Nations (ASEAN) grew 6.3 percent to $10.42 billion, led by semiconductors, while shipments to the Middle East surged 33.1 percent to $2.18 billion, rebounding after a brief dip the previous month.
Exports to the United States, however, slipped by 0.2 percent to $10.35 billion. While semiconductor and auto exports to the U.S. advanced by 39 percent and 11 percent respectively in the first 25 days of November, other categories such as steel and machinery saw declines, a trend attributed in part to the effects of U.S. tariffs and other protectionist measures. Exports to the European Union also fell by 1.9 percent to $5.34 billion, with weaker demand for steel and ships cited as key factors. Shipments to Japan and Central and South America declined by 6.8 percent and 6.6 percent, respectively.
Despite these regional fluctuations, the overall export performance has been strong enough to keep the government’s optimism in check but hopeful. A Ministry of Trade, Industry and Energy official acknowledged the challenges posed by global protectionism and trade tensions, stating, “Despite challenging export conditions due to the spread of global protectionism, including U.S. tariffs, Korean companies have demonstrated their ability to turn crises into opportunities, resulting in six consecutive months of export growth. We will do our utmost to achieve 700 billion dollars in exports this year.”
Policy support has played a role as well. The introduction of the ‘Special Act for Strategic Investment Management between Korea and the United States’ on November 26 has eased some uncertainties for Korean companies exporting to the U.S., particularly in the automobile and parts sectors. Kim Jeongkwan, Minister of Trade, Industry and Energy, emphasized, “With the introduction of the ‘Special Act for Strategic Investment Management between Korea and the United States’ on November 26, the requirements for tariff reductions for automobile and parts companies have been met, easing uncertainties for Korean companies exporting to the U.S. We will strengthen policy support to ensure that export growth momentum continues in December, enabling exports to play a key role in economic recovery and growth.”
Looking ahead, the final month of 2025 will be decisive. If December’s exports meet or exceed last year’s figures, South Korea will not only achieve its $700 billion target but also set a new standard for resilience and adaptability in a turbulent global economy. For now, the country’s export engine shows no signs of slowing, with semiconductors and automobiles leading the way and policymakers determined to keep the momentum going.
South Korea’s export story this year is one of adaptation, innovation, and strategic policy moves—a testament to the country’s ability to turn global challenges into opportunities and drive growth against the odds.
