SEOUL (Reuters) – South Korea’s export growth slowed for the fourth straight month in November, to the weakest level in 14 months, as shipments to the United States and China fell amid tariff uncertainty, data showed. trade data on Sunday.
Exports from Asia’s fourth-largest economy rose 1.4% in November from a year earlier, after a 4.6% rise in October, to $56.35 billion.
It was the 14th consecutive month in which exports increased in annual terms, but the slowest rate in the sequence, also missing the median forecast of a 2.8% increase predicted in a Reuters poll of economists.
Last month, US President-elect Donald Trump pledged to impose a 25% tariff on imports from Canada and Mexico, which is expected to also affect South Korean companies, and “an additional 10% tariff.” % above any additional tariffs” to China. South Korea’s largest trading partner.
Shipments 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 increased by 0.9%.
Semiconductor 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 major auto parts makers and shipping delays amid bad weather.
“The government will partner with the private sector and use all available resources to export even one dollar more before 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% the previous month and the 0.4% expected by economists. It was the first fall in five months.
The country posted a trade surplus of $5.61 billion in November, larger than the $3.15 billion surplus in October.