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SEOUL, Dec 1 (Reuters) – South Korea’s exports rose in November for a sixth consecutive month, beating market expectations, as chip gross sales hit a document on robust know-how demand whereas autos additionally jumped after a U.S. commerce deal.
Exports from Asia’s fourth-largest financial system, a bellwether for international commerce, rose 8.4% from the identical month a yr earlier to $61.04 billion, commerce information confirmed on Monday, stronger than a median 5.7% improve tipped in a Reuters ballot of economists.
That was additionally quicker than a 3.5% rise in October.
Semiconductor exports rose 38.5% to a document month-to-month excessive of $17.26 billion, as robust demand for superior chips utilized in information centres led to larger reminiscence chip costs.
Auto exports jumped 13.7% as uncertainty was cleared over U.S. tariffs after South Korea finalised a commerce take care of the U.S. in November, following months of negotiations.
Nonetheless, shipments to the U.S. have been down 0.2%, as metal merchandise, equipment and auto components fell because of tariff influence.
Shipments to China rose 6.9%, whereas these to Southeast Asian nations rose 6.3%. Shipments to the European Union fell 1.9%.
The Financial institution of Korea signalled final week it was close to the top of its financial easing cycle because it raised its financial progress forecast for subsequent yr on robust semiconductor exports.
The trade-reliant financial system grew within the third quarter at the strongest tempo in a yr and a half, as exports remained sturdy on know-how demand, countering headwind from U.S. tariffs.
Imports rose 1.2% to $51.30 billion in November, after falling 1.5% in October. That was weaker than a 3.4% rise anticipated by economists.
The month-to-month commerce steadiness stood at a surplus of $9.7 billion, in comparison with the earlier month’s $6.0 billion and the largest since September 2017.
(Reporting by Jihoon Lee; Modifying by Tom Hogue and Christopher Cushing)
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