This photo shows stacks of containers at a port in Korea's southeastern city of Busan, Nov 30. Yonhap

Korea's exports fell for the second consecutive month in November and the decline accelerated from the previous month due mainly to the dwindling global demand for semiconductors amid the economic slowdown, the trade ministry said Thursday.

The country also suffered a trade deficit for the eighth straight month on high global energy prices, ringing an alarm over its growth momentum.

Outbound shipments fell 14 percent on-year to come to $51.91 billion last month, following a 5.7 percent on-year fall the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy.

It is the first time since early 2020 that exports fell for the second month in a row. Korea last reported declining exports for more than two months from March through August in 2020.

The country's imports grew 2.7 percent on-year to $58.93 billion in November on high global energy prices, resulting in a trade deficit of $7.01 billion.

Imports have exceeded exports in Korea since April, and it is the first time since 1997 that the country has suffered a trade deficit for the eighth straight month.

Korea depends on imports for most of its energy needs, and the country's energy imports surged 27.1 percent on-year to $15.51 billion in November, the ministry said.

The trade deficit for the first 11 months of this year came to $42.6 billion, which already surpassed the record high yearly shortfall of $20.62 billion logged in 1996, according to the data.


The fall in exports was blamed on the global economic slowdown amid high inflation and aggressive monetary tightening by major economies, as well as the impacts of the ongoing truckers' strike that began Nov. 24 over minimum freight rates, according to the ministry.

The nationwide walkout has caused supply disruptions in major industries, and it is feared to affect the broader economy by hurting overseas shipments, according to officials. The government ordered truckers to return to work, while their negotiations have made no progress.