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Bloomberg
South Korea’s November exports grew at a slower pace than some economists forecast amid a slowdown in sales to China, the nation’s biggest trading partner.
The value of shipments abroad rose
4.5 percent from a year earlier, compared with a 6.6 percent gain forecast in a Bloomberg survey of economists. Exports to China dipped 2.5 percent as Chinese display and mobile-phone companies grabbed more market share, the trade ministry said.
China is increasing its investments to become self-sustaining in areas where South Korea leads the world, including memory chips. “Conditions for exports are not going to be easy to deal with, including the spread of global protectionism and currency fluctuations from US interest rate hikes,†Trade Minister Sung Yun-mo said, adding that South Korea will take steps to address implications from US-China trade disputes as well, according to the statement.
Imports increased 11.4 percent, leaving a trade surplus of $5.1 billion, the ministry said. Exports increased 7.9 percent to the US and jumped 23.7 percent to the EU.