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, China, and Japan held their first economic dialogue in five years on Sunday, aiming to strengthen regional trade cooperation amid growing concerns over U.S. tariffs under President Donald Trump.
South Korea is facing its worst wildfire disaster, with blazes doubling in size and killing at least 27 people. Over 33,000 hectares have burned, destroying historic temples as firefighters battle the flames. Strong winds and dry conditions fuel the rapid spread of the fires.
A South Korean appeals court has cleared opposition leader Lee Jae-myung of election law violations, overturning a previous conviction that could have hindered his presidential aspirations, though prosecutors plan to appeal the ruling.
Deadly wildfires in South Korea’s southeastern region have claimed at least 18 lives and forced over 27,000 residents to flee. Thousands of firefighters, supported by military personnel, are battling the blazes, which have destroyed neighborhoods and threatened UNESCO World Heritage sites.
At least 15 people have died as wildfires continue to ravage South Korea’s southeastern region, Yonhap News Agency reported on Wednesday.
U.S. President Donald Trump announced on Sunday that his upcoming reciprocal tariffs will apply to all nations, rather than just targeting the 10 to 15 countries with the largest trade imbalances. Trump plans to unveil the tariff package on Wednesday, calling it “Liberation Day.”
U.S. President Donald Trump said on Sunday that Ukrainian President Volodymyr Zelenskyy is attempting to back out of a critical minerals deal, warning that such a move would bring serious repercussions.
Bangladesh’s main opposition party, the Bangladesh Nationalist Party (BNP), has warned of public unrest if elections are not held by December, following remarks from interim leader Muhammad Yunus suggesting a possible delay until 2026.
Over 300,000 Canadians were left without power on Sunday as a severe ice storm battered parts of Ontario, according to electricity provider Hydro One. The storm brought freezing rain and ice pellets over the weekend, with power outages continuing into Monday morning in some regions.
French far-right leader Marine Le Pen is awaiting a critical court ruling on Monday that could determine her political future. Le Pen, head of the National Rally (RN), faces accusations of embezzling over 3 million euros ($3.3 million) of European Parliament funds to pay France-based staff.
Royal Australian Air Force (RAAF) pilots, monitoring a Chinese navy warship as it navigated Australian waters, were alerted to a live-fire exercise via a civilian radio broadcast, defense officials revealed on Tuesday.
A powerful 7.7-magnitude earthquake struck Myanmar’s Sagaing region, followed by a 6.4-magnitude tremor, killing more than 1,700 people and leaving 3,400 injured. The quake caused building collapses in Myanmar and Thailand, prompting emergency declarations and ongoing rescue efforts.
As the world shifts toward clean energy at an ever-accelerating pace, large economies are scrambling to secure reliable supply chains for rare earth minerals. These minerals, once seen as mere industrial components, have become a political tool in the global power struggle
Russian forces carried out a drone attack on Ukraine’s second-largest city, Kharkiv, late Wednesday, injuring at least twenty one people and causing structural damage, according to Ukrainian officials.
The International Monetary Fund (IMF) Executive Board has completed the Seventh Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about $0.4 billion, which will be allocated for budget support.
Elon Musk’s xAI has acquired his social media platform X in a $33 billion all-stock deal.
Popular coffee brands are negotiating price hikes with retailers due to a sharp rise in arabica costs, with some supermarket shelves running out of stock. Prices may increase by up to 25% as companies grapple with supply chain pressures.
Zhang Yiming, the founder of Bytedance and owner of TikTok, has become China’s richest person, according to multiple wealth rankings. Bloomberg Billionaires Index places him as the world’s 24th wealthiest individual, with his fortune estimated between $57.5 billion and $65.5 billion.
Canada has suspended Tesla rebate payments and barred the automaker from future EV incentives due to U.S. tariffs. Transport Minister Chrystia Freeland said the freeze will remain until claims are individually reviewed.
U.S. President Donald Trump announced on Sunday that his upcoming reciprocal tariffs will apply to all nations, rather than just targeting the 10 to 15 countries with the largest trade imbalances. Trump plans to unveil the tariff package on Wednesday, calling it “Liberation Day.”
U.S. President Donald Trump said on Sunday that Ukrainian President Volodymyr Zelenskyy is attempting to back out of a critical minerals deal, warning that such a move would bring serious repercussions.
Bangladesh’s main opposition party, the Bangladesh Nationalist Party (BNP), has warned of public unrest if elections are not held by December, following remarks from interim leader Muhammad Yunus suggesting a possible delay until 2026.
Over 300,000 Canadians were left without power on Sunday as a severe ice storm battered parts of Ontario, according to electricity provider Hydro One. The storm brought freezing rain and ice pellets over the weekend, with power outages continuing into Monday morning in some regions.
French far-right leader Marine Le Pen is awaiting a critical court ruling on Monday that could determine her political future. Le Pen, head of the National Rally (RN), faces accusations of embezzling over 3 million euros ($3.3 million) of European Parliament funds to pay France-based staff.
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