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Chips and Cars Lift South Korea’s Early-November Exports 8.2%

Seoul will file a special bill this month to secure a retroactive cut to the U.S. auto tariff rate to 15 percent.

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This file photo taken July 31, 2025, shows containers waiting to be shipped at a port in the southeastern city of Busan. (Yonhap)

Overview

  • Auto exports fell 10.5 percent in October to US$5.5 billion, a drop the trade ministry linked to fewer working days caused by the early-October Chuseok holiday.
  • Cumulative auto export value from January to October reached a record US$59.6 billion, underscoring strong year-to-date performance despite October’s lull.
  • From November 1–20, total exports rose 8.2 percent to US$38.5 billion with a US$2.4 billion trade surplus, according to Korea Customs Service data.
  • Semiconductor exports jumped 26.5 percent to US$9.75 billion and car exports climbed 22.9 percent to US$3.81 billion in early November, while shipments to the United States grew 5.7 percent and to China 10.2 percent.
  • Exports of eco-friendly cars totaled 64,427 units worth US$2 billion in October, as domestic EV sales surged 56.1 percent that month and January–October EV sales rose 57.4 percent to 189,053 units.