Wall Street Slips as Oil Prices Surge 5% on Iran-Hormuz Uncertainty 
Australia Housing Crisis Deepens as Worker Shortages Delay Homebuilding 
Asian Stocks Mixed as RBA Holds Rates, Oil Risks Rise 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
Asian Stocks Rise as AI Chip Rally Lifts South Korea, Japan 
Oil Prices Rise as Hormuz Tensions Threaten Global Supply 
Oil, Gold Rise as Geopolitical Risks Grip Markets Ahead of U.S. CPI 
Iran War Escalates as US, Houthis Target Ships Near Key Oil Routes 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
Australia Sets New Minimum Pay, Insurance Rules for Gig Workers 
European Stocks Flat as Oil Prices Rise, US CPI in Focus 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
Trump Weighs Capital Gains Tax Cuts Ahead of Midterms 
Yen Stabilizes After Intervention Slide as Australian Dollar Hits Eight-Week High 
S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
South Korea’s export growth slowed to its weakest pace in 14 months, climbing only 1.4% in November. Declining shipments to the United States and China, driven by mounting tariff uncertainties, underline intensifying trade pressures on the South Korean economy.
Tariff Uncertainty Clouds South Korea's Export Outlook
According to trade data released on Sunday, South Korea's export growth declined for four consecutive months in November, reaching its worst level in fourteen months. This was due to a decline in exports to both the US and China, driven by uncertainty surrounding tariffs, Reuters explains.
Following a 4.6% increase in October, exports from Asia's fourth-largest economy increased by 1.4% year-on-year in November, reaching $56.35 billion.
Annual export growth continued for the fourteenth month in a row, albeit at the slowest rate in the series thus far, falling short of economists' consensus predictions of a 2.8% gain (as reported in a Reuters poll).
In a recent statement, the soon-to-be president of the United States, Donald Trump, promised to levy a 25% tariff on goods imported from Mexico and Canada—a move that is likely to have an impact on South Korean businesses—and "an additional 10% tariff, above any additional tariffs" on China, the country's largest trading partner.
US and China Shipments Decline Sharply
After eight straight months of growth, shipments to China were down 0.6%, while shipments to the US plummeted 5.1%, marking their first decline since July 2023. The increase in exports to the EU was 0.9%.
Due to strikes at key auto parts suppliers and shipping delays caused by severe weather, automobile sales dropped 13.6%, their worst loss since June 2020, while semiconductor sales grew 30.8%, the smallest growth in 11 months, Investing.com points out.
"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 Ahn Duk-geun, Trade Minister.
South Korea's Imports See First Decline in Five Months
The 2.4% decline to $50.74 billion in imports was in contrast to the 1.7% increase the previous month and the 0.4% gain predicted by analysts. The drop occurred after a five-month absence.
In November, the nation's trade surplus widened to $5.61 billion, from $3.15 billion in October.
