SEOUL (Reuters) – South Korea’s export expansion slowed for a fourth-straight month in November, to the weakest stage in 14 months, as shipments to the US and China fell amid tariff uncertainty, industry knowledge confirmed on Sunday.
Exports out of Asia’s fourth-largest financial system rose 1.4% in November from a yr previous, after a achieve of four.6% in October, to $56.35 billion.
It was once the 14th-straight month exports rose in annual phrases however the slowest price for the series, additionally lacking an average forecast of a 2.8% building up tipped in a Reuters ballot of economists.
Ultimate month, U.S. President-elect Donald Trump pledged to impose a 25% tariff on imports from Canada and Mexico, which is anticipated to impact South Korean corporations as smartly, and “an extra 10% tariff, above any further price lists” on China, South Korea’s largest buying and selling spouse.
Shipments to the US fell 5.1%, their first decline since July 2023, whilst the ones to China had been down 0.6%, after 8 consecutive months of good points. Exports to the Eu Union had been up 0.9%.
Gross sales of semiconductors rose 30.8%, the weakest expansion in 11 months, whilst automobile gross sales fell 13.6%, their largest drop since June 2020, because of moves at primary auto portions makers and transport delays amid dangerous climate.
“The federal government will staff up with the non-public sector and utilise all to be had sources to export even a buck extra via the tip of the yr,” stated Industry Minister Ahn Duk-geun.
Imports fell 2.4% to $50.74 billion, when put next with good points of one.7% within the earlier month and nil.4% anticipated via economists. It was once the primary decline in 5 months.
The rustic posted a industry surplus of $5.61 billion in November, wider than a $3.15-billion surplus in October.
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