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South Korea’s exports likely expanded in November, supported by persistent global demand for technology products and renewed clarity following a recently finalized trade deal with the United States. According to a Reuters poll of eight economists, outbound shipments from Asia’s fourth-largest economy are projected to have increased by 5.7% year-on-year, accelerating from the 3.5% growth recorded in October. The country remains a key barometer of global trade trends, and November’s anticipated performance underscores growing momentum in the technology sector despite earlier tariff pressures.
The positive outlook comes after South Korea concluded a long-delayed trade agreement with the U.S. in early November, reducing key tariffs tied to a $350 billion investment package originally outlined in July. Economists note that easing trade friction has helped restore confidence among exporters while strengthening bilateral trade flows.
Semiconductors continue to drive South Korea’s export recovery, fueled by the worldwide boom in artificial intelligence and advanced computing. During the first 20 days of November, overall exports jumped 8.2%, with semiconductor shipments surging 26.5% and automobile exports rising 22.9%. Shipments to the U.S. climbed 5.7% after three consecutive months of declines, while exports to China increased 10.2%, signaling a modest rebound in demand from two of the country’s most important markets.
Analysts expect semiconductors to remain the primary growth engine in the months ahead. While auto exports may soften after recent strong gains, the IT sector is projected to uphold South Korea’s export momentum, according to industry experts. Imports, meanwhile, are forecast to have risen 3.4% in November following a 1.5% decline the previous month.
The median estimate for South Korea’s November trade surplus stands at $8.40 billion, improving from $6.00 billion in October. The government will release official trade data on Monday, December 1 at 9 a.m. (0000 GMT).
