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’s new president Lee Jae-myung wasted no time addressing economic concerns, launching his first cabinet meeting with an urgent focus on reviving the economy and supporting struggling households.
The Philippines has inked a $700 million agreement with South Korea's KAI to acquire 12 advanced FA-50 fighter jets by 2030, enhancing its military capabilities amid regional tensions.
Following his swift election, President Lee Jae-myung is expected to take a cautious approach to U.S. trade negotiations, using the transition period to reassess his strategy while monitoring the moves of China and Japan.
The White House congratulated South Korea on a fair election but voiced concern over potential Chinese influence as liberal candidate Lee Jae-myung assumes the presidency.
South Korea’s new President Lee Jae-myung vowed to rescue the nation from political chaos and economic turmoil, promising market reforms and renewed diplomacy after a historic electoral win.
Kharkiv faced its most intense assault since the war began, as Russia launched a deadly overnight attack using drones, missiles, and guided bombs.
Mayo Clinic researchers have validated a blood test's high precision for diagnosing patients with cognitive impairment.This non-invasive, cost-effective breakthrough, detailed in Alzheimer's & Dementia, offers much-needed hope for earlier intervention and better management.
While the world's attention is often captured by rising sea levels, another critical environmental crisis is unfolding beneath our feet: land subsidence.
China's Foreign Minister Wang Yi is scheduled to participate in the Ministerial Meeting of Coordinators on the Implementation of the Follow-up Actions of the Forum on China-Africa Cooperation (FOCAC) and the opening ceremony of the Fourth China-Africa Economic and Trade Expo.
The Asian Development Bank will grant nearly $1 million to upgrade Kyrgyzstan’s energy data system, with more large-scale energy investments in the pipeline.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
Ukraine’s Security Service (SBU) has confirmed it carried out a third targeted attack against the Crimean Bridge, also known as the Kerch Bridge, early Tuesday morning, marking a new escalation in the ongoing conflict with Russia.
A strong 6.3 magnitude earthquake shook Japan’s Hokkaido prefecture early Monday, causing no reported injuries or damage, and no tsunami warning was issued, officials confirmed.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
U.S. President Donald Trump and Chinese President Xi Jinping are expected to speak this week to discuss recent trade tensions, White House press secretary Karoline Leavitt said.
Global food commodity prices experienced a notable decline in May, driven by significant drops in the cost of grains, sugar, and vegetable oils, the United Nations' Food and Agriculture Organization (FAO) reported on Friday.
Germany’s new government has launched a major program aimed at boosting investment and helping Europe’s largest economy recover after two years of decline.
The European Central Bank has reduced its three key interest rates by 25 basis points, aligning with expectations and reflecting progress toward its inflation target.
Centrica, owner of British Gas, has agreed to a £20 billion deal with Norway’s Equinor to supply nearly 10% of the UK’s gas needs annually for the next decade, supporting energy security while paving the way for future hydrogen integration.
Tesla’s shares declined by about 14.2% on Thursday, reducing the company’s market value by roughly $152 billion, as Elon Musk and Donald Trump publicly exchanged criticisms on social media.
Kharkiv faced its most intense assault since the war began, as Russia launched a deadly overnight attack using drones, missiles, and guided bombs.
Mayo Clinic researchers have validated a blood test's high precision for diagnosing patients with cognitive impairment.This non-invasive, cost-effective breakthrough, detailed in Alzheimer's & Dementia, offers much-needed hope for earlier intervention and better management.
While the world's attention is often captured by rising sea levels, another critical environmental crisis is unfolding beneath our feet: land subsidence.
China's Foreign Minister Wang Yi is scheduled to participate in the Ministerial Meeting of Coordinators on the Implementation of the Follow-up Actions of the Forum on China-Africa Cooperation (FOCAC) and the opening ceremony of the Fourth China-Africa Economic and Trade Expo.
The Asian Development Bank will grant nearly $1 million to upgrade Kyrgyzstan’s energy data system, with more large-scale energy investments in the pipeline.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment