South Korea Nov exports worst in 30 months, worse than expected
Exports to China 25.5, worst since May 2009
Weak China demand, downward chip cycle hit

SEOUL, Dec 1 Reuters South Korea39;s exports in November suffered their worst annual drop in 212 years, hurt by cooling global demand in major markets led by China and a downturn in the semiconductor industry, data showed on Thursday.

The bleak data reinforces the market39;s view that Asia39;s fourthlargest economy, which relies more heavily on exports for growth than bigger advanced economies, would lose momentum quickly after posting rapid expansion early this year.

Economists said China39;s possible loosening of its strict COVIDfighting curbs could give a quick boost to exports there, but any lasting effect would still be limited by cooling global demand.

The U.S. is the final destination for informationtechnology products such as chips even if they are first shipped to China, and demand in the U.S. doesn39;t look strong, said Gweon Heejin, an economist at KB Securities.

Outbound shipments from South Korea slumped 14.0 from a year earlier to 51.91 billion last month, the steepest decline since May 2020 and compared with a 5.7 fall in October and an 11.0 drop tipped in a Reuters survey.

South Korea is the first major exporting economy to report monthly trade data for products ranging from key electronics to cars and ships, and thus provides an early glimpse into the health of global growth and manufacturing….