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South Korea’s trade surplus widened to USD 9.74 billion in November 2025, up from USD 5.61 billion a year earlier and surpassing expectations of USD 8.4 billion, according to preliminary data. It was the largest trade surplus since September 2017, as exports rose much more than imports. Exports grew 8.4% yoy, accelerating from a downwardly revised 3.5% rise in October and exceeding forecasts of a 5.7% increase, marking the sixth consecutive month of export growth. The rise was supported by robust demand for semiconductors, the country’s top export item, which surged 38.6% yoy to a record high of USD 17.26 billion. Overall, exports to the US fell 0.2% due to the impact of new US tariffs, while exports to China rose 6.9%. Last month, South Korea and the US announced they would reduce reciprocal tariffs from 25% to 15%, while tariffs on automobiles and auto parts will remain at 25%. Meanwhile, imports rose 1.2%, rebounding from a 1.5% fall in October and below forecasts of 3.4% growth.