South Korea’s Export Growth Falls To 14-Month Low Amid U.S. Tariff Worries

South Korea's export growth slowed for the fourth consecutive month in November, reaching its weakest level in 14 months due to declining shipments to the US and China amid tariff uncertainties, Reuters reported.

South Korea, heavily reliant on exports, has felt the impact: shipments to the US dropped 5.1% while exports to China fell 0.6% after eight months of growth. I Photo:

Exports rose 1.4% year-on-year to $56.35 billion, down from a 4.6% increase in October and below economists' forecast of 2.8%. This marks the 14th consecutive month of annual export growth but highlights a sharp deceleration.

US President-elect Donald Trump has pledged a 25% tariff on imports from Canada and Mexico and an additional 10% tariff on Chinese goods, intensifying global trade uncertainties.

South Korea, heavily reliant on exports, has felt the impact: shipments to the US dropped 5.1%, their first decline since July 2023, while exports to China, its largest trading partner, fell 0.6% after eight months of growth. Exports to the European Union, however, rose by 0.9%.

These developments underscore the challenges South Korea faces in navigating shifting trade policies and maintaining export momentum.