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.
Saudi Arabia’s 1,200‑kilometre East‑West pipeline Petroline has been forced to suspend service after militant attacks damaged three pumpi...
Iran's Revolutionary Guards Navy said a Togo-flagged oil tanker was st...
Here's your AnewZ Daily Brief for 18 September 2026. These are the top five stories making headlines in the field of science....
Saudi Arabia said its air defences destroyed a Houthi drone south of Mecca before it could enter prohibited airspace over the holy city, as attacks by the Iran-aligned group deepen regional tensions.
Russian air strikes injured 13 and damaged buildings in the Ukrainian capital of Kyiv and in the Black Sea port city of Odesa in the early hours of Thursday, officials said on the Telegram messaging app.
Ukrainian President Volodymyr Zelenskyy said that Ukraine was carrying out tests on a new weapon to intercept drones and had recorded a successful hit overnight.
European Commission President Ursula von der Leyen is outlining the EU's priorities in her annual State of the Union address, covering security, support for Ukraine, trade with China, migration, climate and artificial intelligence.
U.S. President Donald Trump said on Wednesday he hoped the war against Iran was nearing its end and that Tehran wanted to reach a deal, but Iran dismissed his comments as “mixed signals” as the conflict approaches its seventh month.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment