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South Korea’s Export Growth Drops as Global Demand Slows
South Korea’s export growth slowed sharply in October, rising just 4.6% year-over-year to $57.52 billion, marking the smallest increase in seven months. This downturn reflects weakened global demand and rising U.S. election uncertainty, stalling the nation’s economic recovery.
Key Export Performance Indicators
Exports grew for the 13th consecutive month, although this October increase was smaller than September’s 7.5% growth. According to data from South Korea’s Ministry of Trade, exports averaged a 0.2% drop per working day—the first decline since September 2023. Economists had predicted a stronger 6.9% gain, underscoring an unexpected slowdown.
Sector and Regional Export Trends
While semiconductor exports rose 40.3% to $12.5 billion, they fell short of September’s record high of $13.6 billion. Automotive exports increased 5.5%, but petroleum products plunged 34.9%, pressured by lower global oil prices. Regional trade data revealed a mixed picture: exports to the United States grew modestly by 3.4%, while shipments to China surged 10.9% to a 25-month high of $12.2 billion.
Economic Implications
Despite modest growth in consumer spending, South Korea’s economy remains at risk due to sluggish export performance. Trade Minister Ahn Duk-Geun indicated that the government is assessing the potential impacts of the upcoming U.S. election on South Korea’s economy.
Trade Balance
Imports rose 1.7% in October, yielding a trade surplus of $3.17 billion, down from $6.66 billion in September.
