South Korea’s export growth slowed to a seven-month low in October despite strong shipments of semiconductors and automobiles, adding to concerns that Asia’s fourth-largest economy is losing momentum amid the growing uncertainties over the US presidential election and geopolitical tensions.Exports rose 4.6% to $57.5 billion in October from a year earlier, extending their rising streak to 13 months, data from the Ministry of Trade, Industry and Energy on Friday.
GROWING UNCERTAINTIESThe government warned of increasing risks from the upcoming US presidential election on Nov.5 and geopolitical tensions in the Middle East and Ukraine, pledging to do its utmost to maintain the momentum of export momentum.“It is difficult to predict when risk factors such as the tensions in the Middle East and the war between Russia and Ukraine will end, while uncertainties over the external trade environments remain due to the US election and others,” said Minister of Trade, Industry and Energy Ahn Dukgeun in a statement.“Uncertainties surrounding our trade environment have slightly increased as the outcome of the US presidential election is expected to change US economic and trade policies,” Ahn said.
Overseas sales adjusted for working-day differences dipped 0.2% last month on-year, marking the first decline since October 2023, separate data from the customs office.“From now on, favorable base effects, partly related to global oil prices and semiconductor prices, start to fade away, so headline export growth is expected to decelerate,” said ING in a note.
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