SEOUL, Dec 1 (Reuters) - South Korea's export growth slowed for a fourth-straight month in November, to the weakest level in 14 months, as shipments to the United States and China fell amid tariff uncertainty, trade data showed on Sunday.
Exports out of Asia's fourth-largest economy rose 1.4% in November from a year earlier, after a gain of 4.6% in October, to $56.35 billion.
It was the 14th-straight month exports rose in annual terms but the slowest rate for the sequence, also missing a median forecast of a 2.8% increase tipped in a Reuters poll of economists.
Last month, U.S. President-elect Donald Trump pledged to impose a 25% tariff on imports from Canada and Mexico, which is expected to affect South Korean firms as well, and "an additional 10% tariff, above any additional tariffs" on China, South Korea's biggest trading partner.
Shipments to the United States fell 5.1%, their first decline since July 2023, while those to China were down 0.6%, after eight consecutive months of gains. Exports to the European Union were up 0.9%.
Sales of semiconductors rose 30.8%, the weakest growth in 11 months, while car 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 team up with the private sector and utilise all available resources to export even a dollar more 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% in the previous month and 0.4% expected by economists. It was the first decline in five months.
The country posted a trade surplus of $5.61 billion in November, wider than a $3.15-billion surplus in October.
South Korea and the U.S. conducted a joint air drill with a B-1B bomber, while North Korea criticized the U.S.-Australia nuclear deal.
South Korea has accused the China-based AI startup DeepSeek of sending its user data to ByteDance, TikTok’s parent company, sparking a data privacy investigation amid growing concerns over the startup’s practices.
Six people have died in a fire at a resort construction site in Busan, South Korea, with around 100 individuals evacuated and seven injured. Authorities fear more casualties, while Acting President Choi Sang-mok has ordered all available resources to contain the blaze.
North Korea's defense ministry condemned on Tuesday the recent arrival of a U.S. submarine in South Korea, stating that its military forces are prepared to take any necessary action. "We will not back down an inch from our confrontation with this tyrannical enemy," ministry stated.
Protests intensify in Seoul as South Koreans rally for and against President Yoon Suk Yeol’s impeachment, ahead of crucial final hea rings to decide his political future.
Vatican City, February 17, 2025 – Pope Francis remains in critical condition after suffering a prolonged asthmatic respiratory crisis that required high flows of oxygen, according to a statement from the Vatican.
Cupertino, CA, February 17, 2025 – Apple today released the first developer beta for iOS 18.4, unveiling a new “Priority Notifications” feature powered by Apple Intelligence.
BERLIN, Feb 22 (Reuters) - NATO is planning to build a pipeline system from Germany to Poland and the Czech Republic to ensure a rapid supply of jet fuel for fighter aircraft in the event of a war with Russia, weekly German magazine Der Spiegel reported.
Catholic faithful gathered in Vatican City on Saturday (February 22) to pray for Pope Francis as he continues receiving treatment for double pneumonia. Concerns over his health persist, though doctors assure there is no immediate life-threatening risk.
Menlo Park, CA, February 17, 2025 – Newly unsealed court documents from the case Kadrey v. Meta shed light on internal discussions among Meta employees about the use of copyrighted materials to train the company’s artificial intelligence models.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
A Delta Air Lines regional jet flipped upside down upon landing at Toronto Pearson Airport on Monday, injuring 18 people. Officials are investigating whether strong winds and snow played a role in the incident.
Berlin, February 21, 2025 – German citizens will head to the polls on Sunday, February 23, for a snap general election after the coalition government collapsed late last year.
Washington, D.C., February 17, 2025 – Elon Musk’s Department of Government Efficiency, also known as DOGE, has reduced the staffing of a key team at the National Highway Traffic Safety Administration (NHTSA) responsible for regulating autonomous vehicles, according to The Washington Post.
Russia has resumed wheat exports to Kazakhstan after lifting a ban that was in place until December 31, 2024.
The European Union will seek more gas from countries including the U.S. to replace Russian supplies, and expand renewable energy faster to cut its overall reliance on the fuel, the EU's energy commissioner has said.
BEIJING, Feb 20, 2025 – China is “doing its best” to push for talks with the European Union over tariffs imposed on Chinese-made electric vehicles, a commerce ministry spokesperson said on Thursday.
Berlin, February 20, 2025 – Mercedes-Benz has launched a fresh cost-cutting initiative aimed at reviving sales and margins, as the German carmaker forecasts a significant drop in earnings in 2025.
Vatican City, February 17, 2025 – Pope Francis remains in critical condition after suffering a prolonged asthmatic respiratory crisis that required high flows of oxygen, according to a statement from the Vatican.
Cupertino, CA, February 17, 2025 – Apple today released the first developer beta for iOS 18.4, unveiling a new “Priority Notifications” feature powered by Apple Intelligence.
BERLIN, Feb 22 (Reuters) - NATO is planning to build a pipeline system from Germany to Poland and the Czech Republic to ensure a rapid supply of jet fuel for fighter aircraft in the event of a war with Russia, weekly German magazine Der Spiegel reported.
Catholic faithful gathered in Vatican City on Saturday (February 22) to pray for Pope Francis as he continues receiving treatment for double pneumonia. Concerns over his health persist, though doctors assure there is no immediate life-threatening risk.
Menlo Park, CA, February 17, 2025 – Newly unsealed court documents from the case Kadrey v. Meta shed light on internal discussions among Meta employees about the use of copyrighted materials to train the company’s artificial intelligence models.
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