South Korea’s export growth fell to a 14-month low in November with shipments to the world’s two biggest markets the US and China down, adding to expectations that the central bank may cut interest rates further to prop up Asia’s fourth-largest economy.Exports rose 1.4% to $56.4 billion last month from a year earlier, their slowest pace since Sept.2023 when overseas sales fell 4.4%, data from the Ministry of Trade, Industry and Energy showed on Sunday.
Overseas auto sales fell 13.6%, their biggest drop since June 2020.“We suffered from unexpected negative factors for exports in November including a decrease in car production due to a strike at an auto parts maker and logistics disruptions caused by bad weather,” said Minister of Trade, Industry and Energy Ahn Dukgeun in a statement.Hyundai Motor Co.and Kia Corp., Korea’s two biggest carmakers, faced disruptions to local production after an auto parts subsidiary halted operations at a plant due to a labor strike over bonuses and other benefits.
TO CUT INTEREST RATES MOREThe central bank is expected to cut interest rates further in the first quarter of 2025 to revive the economy, after unexpectedly lowering them for a second straight meeting last month, a survey by The Korea Economic Daily showed.
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