By Jihoon Lee
SEOUL (Reuters) -South Korean exports likely grew in November as technology demand remained robust and uncertainty was cleared following a trade deal with the U.S., a Reuters poll showed on Thursday.
Exports from Asia’s fourth-largest economy, a bellwether for global trade, were forecast to have risen 5.7% from a year earlier after rising 3.5% in the previous month, according to the median estimate from eight surveyed economists.
Earlier in November, South Korea finalised a trade deal that reduced U.S. tariffs after months of stalled negotiations over a $350 billion investment package that was included in a preliminary agreement reached in late July.
South Korea’s exports have been rising since June, despite pressure from U.S. tariffs, as demand for semiconductors remained strong thanks to a global boom in artificial intelligence.
“By destination, shipments to China and the United States are expected to show a mild recovery after recent sluggishness,” said Park Sang-hyun, an economist at iM Securities.
In the first 20 days of this month, exports rose 8.2%, with semiconductors jumping 26.5% and autos growing 22.9%. Exports to the U.S. rose 5.7% after three months of declines, while those to China climbed 10.2%.
“While there is a high possibility auto exports will lose steam, the IT sector led by semiconductors will continue to lead the growth momentum in exports,” said Stephen Lee, an economist at Meritz Securities.
Imports were forecast to have risen 3.4% in November after falling 1.5% in October.
The median estimate for the monthly trade balance stood at a surplus of $8.40 billion, up from $6.00 billion a month earlier.
South Korea is scheduled to report trade figures for November on Monday, December 1 at 9 a.m. (0000 GMT).
(Reporting by Jihoon Lee, Polling by Devayani Sathyan in Bengaluru; Editing by Thomas Derpinghaus)
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