South Korea’s export growth slows to 14-month low as US demand weakens Reuters
SEOUL (Reuters) – South Korea’s export growth slowed for a fourth month in November, to the weakest level in 14 months, as exports to the United States and China fell amid tariff uncertainty, trade data showed on Sunday.
Exports to Asia’s fourth-largest economy rose 1.4% in November from last year, after a 4.6% gain in October, to $56.35 billion.
It was the 14th straight month that exports rose in annual terms but the pace was the slowest in a row, and it fell short of the median forecast of a 2.8% increase noted in a Reuters poll of economists.
Last month, US President-elect Donald Trump promised to impose a 25% tariff on exports from Canada and Mexico, which is expected to affect South Korean firms, as well as “an additional 10% tariff, on top of any additional tariffs” on China, a major trading partner. from South Korea.
Exports to the United States fell 5.1%, their first decline since July 2023, while those to China fell 0.6%, after eight consecutive months of gains. Exports to the European Union were up 0.9%.
Semiconductors sales rose 30.8%, the weakest growth in 11 months, while auto sales fell 13.6%, their biggest drop since June 2020, due to strikes at auto parts manufacturers and shipping delays amid bad weather.
“The government will cooperate with the private sector and use all available resources to export one more dollar by the end of the year,” said Trade Minister Ahn Duk-geun.
Imports fell 2.4% to $50.74 billion, compared with gains of 1.7% last month and the 0.4% economists expected. It was the first drop in five months.
The country posted a trade surplus of $5.61 billion in November, wider than the $3.15 billion surplus in October.
