SEOUL (Reuters) – South Korea’s export development slowed for a fourth-straight month in November, to the weakest stage in 14 months, as shipments to the USA and China fell amid tariff uncertainty, commerce information confirmed on Sunday.
Exports out of Asia’s fourth-largest economic system rose 1.4% in November from a 12 months earlier, after a acquire of 4.6% in October, to $56.35 billion.
It was the 14th-straight month exports rose in annual phrases however the slowest charge for the sequence, additionally lacking a median forecast of a 2.8% improve tipped in a Reuters ballot of economists.
Final month, U.S. President-elect Donald Trump pledged to impose a 25% tariff on imports from Canada and Mexico, which is anticipated to have an effect on South Korean corporations as nicely, and “an additional 10% tariff, above any additional tariffs” on China, South Korea’s largest buying and selling accomplice.
Shipments to the USA fell 5.1%, their first decline since July 2023, whereas these to China had been down 0.6%, after eight consecutive months of good points. Exports to the European Union had been up 0.9%.
Gross sales of semiconductors rose 30.8%, the weakest development in 11 months, whereas automotive gross sales fell 13.6%, their largest drop since June 2020, attributable to strikes at main auto elements makers and delivery delays amid dangerous climate.
“The government will team up with the private sector and utilise all available resources to export even a dollar more by the end of the year,” stated Commerce Minister Ahn Duk-geun.
Imports fell 2.4% to $50.74 billion, in contrast with good points of 1.7% within the earlier month and 0.4% anticipated by economists. It was the primary decline in 5 months.
The nation posted a commerce surplus of $5.61 billion in November, wider than a $3.15-billion surplus in October.