South Korea’s November Exports Surge on Chip Boom and U.S. Trade Deal

Economic

Summary:

South Korea’s exports rose 8.4% in November 2025, beating forecasts as semiconductor and automobile shipments surged, highlighting the country’s trade resilience despite tariff-related headwinds....

Record Chip Shipments Drive Export Acceleration

South Korea posted a sixth consecutive monthly export increase in November, underpinned by a booming semiconductor sector. Exports jumped 8.4% year-over-year to $61.04 billion, outperforming the 5.7% median estimate from economists polled by Reuters and accelerating from October’s 3.5% growth.

At the core of this performance was a 38.5% surge in semiconductor exports, reaching an all-time monthly high of $17.26 billion. This growth reflects heightened global demand for advanced memory chips used in data centers and AI infrastructure, lifting chip prices and solidifying semiconductors as the economy’s primary growth engine.

This chip-driven growth also supports the Bank of Korea’s recent decision to revise its economic outlook upward, signaling the potential end of its monetary easing phase. The central bank's optimism is strongly tied to this tech-led export momentum.

Automobile Exports Rebound After U.S. Trade Agreement

Automobile exports also climbed significantly, up 13.7% in November, buoyed by the successful resolution of trade negotiations with the United States. The new trade deal, finalized in early November, helped ease uncertainty over tariffs that had clouded South Korea’s auto industry outlook for months.

However, despite the trade agreement, overall shipments to the U.S. slightly declined by 0.2% due to persistent weakness in steel, machinery, and auto parts exports highlighting that while headline sectors have stabilized, tariff-related disruptions still linger in key industrial segments.

Mixed Performance Across Major Markets

Shipments to China increased by 6.9%, indicating a moderate recovery in regional demand and continued stabilization in China’s economic activity. Exports to Southeast Asian countries also grew by 6.3%, showing broader regional resilience.

Conversely, shipments to the European Union declined by 1.9%, underlining that demand in European markets remains weak, possibly due to inflationary pressures and softer consumption.

Imports Lag, Trade Surplus Hits Multi-Year High

While exports soared, imports rose modestly by just 1.2% to $51.30 billion, missing expectations of a 3.4% increase and reflecting subdued domestic demand. This divergence led to a robust trade surplus of $9.7 billion the largest monthly surplus since September 2017 up from $6.0 billion in October.

The widening surplus illustrates a structural dynamic where South Korea’s export strength, particularly in high-tech goods, is outpacing import demand, contributing positively to GDP and external balances.

Trade Resilience Reinforces Policy Stability

South Korea’s strong November trade figures reinforce the resilience of its export-driven economy amid global uncertainty. Record chip sales and auto export recovery are not only supporting headline growth but also giving policymakers room to pause monetary easing.

As global semiconductor demand continues to rise and supply chains recalibrate post-pandemic, South Korea appears well-positioned to sustain export strength into 2026. However, continued monitoring of tariff impacts, especially in the U.S. and EU, will be essential to ensure balanced growth across all sectors.

Source: Reuters

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Justin

Commodity

Political

Copper touched new peaks on Monday after top Chinese smelters agreed to a plan to cut output in 2026 and on record-high premium offers by Codelco, the world's biggest copper producing company.

The most-active copper contract on the Shanghai Futures Exchangesurged 2.08% to 89,020 yuan ($12,583.40) per metric ton as of 0230 GMT, after setting a record high at 89,650 yuan.

The benchmark three month copperon the London Metal Exchange, meanwhile, also climbed to a new all-time high of$11,294.5 a ton, after setting a record high on Friday.

The London copper contract was up 0.24% to $11,216 a ton as of 0230 GMT.

The China Smelters Purchase Team (CSPT), a group of the largest Chinese copper smelters, said on Friday that its members have agreed to cut production by more than 10% in 2026 in a bid to combat negative copper concentrate processing fees.

Traders are also positioning themselves after bullish headlines from last week's Asia Copper Week 2025 in Shanghai.

Chile's Codelco, the world's top copper producer, sought a dramatic hike in copper premiums to Chinese buyers, as high as $350 a ton during the week, a level many saw as no longer relevant for Chinese participants, suggesting little spillover into copper supply-demand dynamics locally.

Offers for Codelco's United States clients also saw a surge above $500 a ton, according to sources, participants saw the Codelco premiums as designed for those who have access to the Comex exchange to profit from the Comex-LME arbitrage amid tariff uncertainties.

Rising optimism of an interest rate cut by the Federal Reserve in December also helped copper to set new peaks, as greater economic activity is associated with higher demand for copper.

The U.S. Dollarcontinued to soften, supporting the market by making commodities traded with the greenback cheaper for investors using other currencies.

Among other SHFE base metals, aluminiumrose 1.44%, zincadded 0.78%, nickelwas up 0.26%, tinsurged 2.68%, and leadwas little changed.

Elsewhere among LME metals, aluminiumwas up 0.21%, zincticked 0.13% higher, nickelgained 0.34%, tinrose 1.08%. The London leadalso posted little changed.

Source: TradingView

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Gerik

Economic

Feedlots Drive Australia’s Beef Export Transformation

Australia is undergoing a structural shift in its cattle industry as feedlot-based grain-feeding becomes increasingly central to export strategies. In facilities like the Gundamain feedlot, cattle are fattened on high-energy diets over 90 days to meet soaring demand for marbled, grain-fed beef a product type favored in Japan, South Korea, and China.

From just 1 million cattle on feed in 2020, Australia now counts a record 1.6 million animals in feedlots as of mid-2025. That number is projected to rise to 2 million by 2027, signaling a major reconfiguration in the country’s traditional grass-based beef production model.

Export Surge and U.S. Market Disruption

Australian grain-fed beef exports reached 324,421 tons in the first nine months of 2025, up 45% from the same period in 2020. Most of this volume is heading to Asian nations where demand for quality, grain-fed beef is intensifying. Meanwhile, U.S. exports to these same regions have weakened, due in part to a historic decline in American cattle numbers driven by prolonged droughts.

According to the U.S. Department of Agriculture, the country had 11.7 million cattle on feed as of November 1 down 260,000 year-over-year and the lowest since the 1950s. The resulting production slump has allowed Australian beef, considered a near substitute for U.S. meat in terms of flavor and marbling, to gain competitive ground.

Strategic Resilience Through Feedlots

Feedlots are helping Australia counteract its own climatic volatility. By relying less on natural pasture and more on grain-based diets, producers can ensure consistent supply regardless of rainfall. While droughts still pose challenges for grain output, Australia produces far more grain than needed for domestic feedlots, ensuring resilience in production chains.

Meat analyst Matt Dalgleish underscores that feedlots offer security of supply, enabling producers to meet contractual obligations throughout the year a significant advantage in international markets.

Profitability Fuels Expansion Despite Constraints

Grain-fed beef commands higher prices, and operators are seizing the opportunity. Simon Quilty of Global AgriTrends forecasts feedlot numbers will reach 1.75 million in 2026 and hit 2 million the following year. Companies such as Mort & Co, JBS, NH Foods, and Teys Australia (partly owned by Cargill) are leading this expansion.

Still, Australia is unlikely to fully replicate the U.S. feedlot model, where over 90% of cattle are grain-finished. High capital costs and expectations of a U.S. supply rebound are capping aggressive new investment. Furthermore, Australia maintains a robust market for grass-fed beef, perceived by many consumers as more natural and environmentally friendly.

Dual Market Strategy: Grass vs. Grain

Australia is approaching a 50-50 split between grain- and grass-finished cattle. Grain-fed animals offer higher immediate returns, but grass-fed beef is gaining value in premium sustainability-conscious markets. This dual-market flexibility positions Australia uniquely to meet both industrial demand and emerging ethical consumption trends.

With the U.S. retreating under the weight of climatic stress and supply limitations, Australia’s feedlot-driven beef sector is emerging as a dominant force in global meat trade. The country's ability to scale up grain-fed production without sacrificing its grass-fed reputation gives it a strategic edge.

As long as global demand for premium beef remains strong particularly in Asia Australia appears poised to consolidate its standing as a reliable and diversified exporter, while U.S. recovery efforts continue at a cautious pace.

Sourpce: Reuters

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Justin

Bond

Economic

Indian government bonds might open without a clear direction at the start of the month on Monday, as strong economic growth data has split the market on whether the central bank would cut interest rates this week or wait longer.

The benchmark 10-year yield (IN063335G=CC) is likely to hover between 6.53% and 6.58%, according to a trader at a private bank. It ended at 6.5463% on Friday, giving up the modest declines of the month. Bond yields move inversely to prices.

"The growth data may be favorable for the broader economy, but it is proving to be a silent drag on bonds, as it makes it harder for the central bank to justify cutting rates," the trader said.

India's economy expanded at a sharper-than-expected clip of 8.2% in the July-September quarter, up from 7.8% in April-June, prompting analysts to raise their full-year growth estimates to above 7%.

India's robust growth numbers for the September quarter are raising questions about the need for lower interest rates even as record-low inflation gives the Reserve Bank of India ample room to resume reductions later this week, analysts said.

A majority of economists polled by Reuters ahead of Friday's GDP data release had expected the RBI's key policy repo rate to be pared by 25 basis points to 5.25% on December 5, followed by a pause through 2026.

"Broad basing growth, sans any rate cut, may necessitate ushering in a "neutral regime" tantamount to "calibrated easing" by targeting yields and liquidity management simultaneously," State Bank of India Chief Economist Soumya Kanti Ghosh said.

Source: TradingView

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Andrew Korybko

Political

Russia-Ukraine Conflict

Zelensky’s warmongering grey cardinal Andrey Yermak, who formally serves as his Chief of Staff, submitted his resignation after his apartment was raided as part of the investigation into Ukraine’s $100 million energy graft scandal. Russian Ambassador-at-Large Rodion Miroshnik believes that he was fired, however, to protect Zelensky as the walls close in on him amidst this investigation. Whatever the truth may be, Miroshnik might be onto something, which will be elaborated on throughout this analysis.

It was earlier assessed that “Ukraine’s Corruption Scandal Might Pave The Way For Peace If It Takes Yermak Down” since “his downfall could undo the already shaky alliance between the armed forces, the oligarchs, the secret police, and parliament that keeps Zelensky in power.” Zelensky held off on getting rid of him for that reason, which emboldened Yermak to declare on his behalf that Ukraine won’t cede any territory to Russia, thus spoiling one of the main proposals in the US’ draft peace framework.

Shortly thereafter, Yermak’s apartment was raided with the participation of the two US-funded entities leading this graft investigation, the National Anti-Corruption Bureau of Ukraine (NABU) and the Special Anti-Corruption Prosecutor’s Office (SAPO). Had Zelensky accepted the principles contained in the aforesaid framework, particularly the 26th one about how “all parties involved in this conflict will receive amnesty for their actions during the war”, Yermak might have been able to ride off into the sunset.

Instead, Yermak whispered in Zelensky’s ear to play tough with Trump and reject the US’ draft peace framework, after which the US let the anti-corruption bodies that it funds proceed with their investigation. Trump could have stopped it right then and there before it predictably took Yermak down had Zelensky at the very least publicly agreed to the draft’s concession for ceding Donbass. Yermak’s career and his entire legacy in Ukrainians’ eyes were therefore destroyed by his warmongering.

Next up might come Zelensky’s if he doesn’t comply with Trump’s demands. Without his grey cardinal maintaining the already shaky alliance that keeps him in power, he’s now more politically vulnerable than ever, the obvious realization of which could see some of his allies make power moves against him in the coming future. For instance, US-encouraged defections from the ruling party could lead to him losing control of the Rada, which might be leveraged by the US to remove him if he remains obstinate to peace.

In parallel, the US might threaten the corrupt oligarchs that they’ll be caught in the dragnet too unless they get their parliamentary proxies to go along with the rolling regime change against Zelensky, which could also see the US ordering the secret police to allow opposition protests against Zelensky. The armed forces’ role would be limited to disobeying Zelensky if he orders them to break up these protests, and as a reward, their beloved Valery Zaluzhny could replace Zelensky on the throne when all is said and done.

Yermak’s resignation/firing set this scenario sequence into motion, but it could be maximally catalyzed by NABU-SAPO formally making it known that Zelensky is under investigation, which the US might authorize it to do (including through a raid) if he doesn’t soon comply with Trump’s demands. In retrospect, Zelensky’s efforts over the summer to subordinate NABU-SAPO were aimed at averting this, but they failed and Trump is now using these anti-corruption bodies to finally coerce him into peace.

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Gerik

Economic

Data Disappears as Vanke Shocks the Market

China’s already fragile property market took another blow this week as two of its largest private housing data agencies, China Real Estate Information Corp. and China Index Academy, failed to release monthly sales figures for the top 100 developers as expected on Sunday. This data blackout came shortly after China Vanke Co. a developer long perceived as relatively stable requested a delay in repaying a local bond, its first such move.

The agencies did not provide explanations for the delay, a rare deviation from routine reporting schedules that has triggered widespread speculation. The timing suggests a correlation between Vanke’s distress signal and the withholding of market data, reinforcing concerns that the November sales figures may be significantly worse than anticipated.

Transparency Concerns Undermine Market Confidence

The absence of November figures adds opacity to an already uncertain environment. According to Kristy Hung, senior real estate analyst at Bloomberg Intelligence, withholding the data “could increase uncertainty about the struggling sector’s condition” and likely reflects “steeper declines” in sales performance across the board.

The lack of transparency is particularly troubling as it undermines efforts by regulators to stabilize market sentiment. Investors are now left to interpret silence as a negative signal, which may accelerate capital flight and further impair refinancing efforts for developers already teetering on the edge of default.

Worsening Outlook for China's Housing Sector

The data blackout follows months of deteriorating fundamentals in China’s real estate sector. UBS estimates that home prices will continue to decline for at least two more years, citing persistent weakness since Q2 2025. Even in major cities, used-home values have collapsed by more than 33% from their peaks, a sign of deep-rooted deflationary pressure in the residential market.

Fitch Ratings echoed this bleak view, projecting that new-home sales by area may decline an additional 15%–20% before any recovery begins. This extended contraction is expected to keep banks’ exposure to property-related bad debt “elevated” through 2026, adding to systemic risks in the financial sector.

Vanke’s Symbolic Fall from Grace

Vanke’s request to delay bond repayment marks a critical turning point. As one of the few firms previously seen as weathering the crisis, its need for restructuring signals that even stronger developers are now succumbing to funding constraints and weakening sales. This suggests a causal deterioration of sector-wide liquidity, as refinancing options dwindle and investor confidence erodes.

While Evergrande and Country Garden have already defaulted or restructured, Vanke’s case sends a new signal to markets: no developer is immune. The Vanke episode has also likely prompted data providers to pause release to avoid further market panic, underscoring the depth of sentiment fragility.

A Sector Losing Both Data and Direction

The suspension of housing sales disclosures following Vanke’s bond crisis reflects a deeper problem than just weak numbers it indicates a loss of trust in the market’s ability to self-correct through transparency. In an environment where official and private data can suddenly vanish, investors are left flying blind.

If policymakers and data institutions do not swiftly restore transparency and offer clearer signals of support, China’s housing sector risks sliding further into a protracted downturn marked by fear, opacity, and investor disengagement. The Vanke episode may be just the beginning of a broader reckoning for an industry long seen as a pillar of China’s economic engine.

Source: Reuters

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Winkelmann

Political

Economic

Against a backdrop of weak economic growth, stretched public finances and falling fuel duty receipts, the Autumn Budget set out a revenue-raising package centred on reforms to motoring taxation.

For the UK's leasing and mobility sector, the announcements represent a material shift in the long-term economics of electric vehicles (EVs) and the structure of company mobility schemes.

The introduction of Electric Vehicle Excise Duty (eVED) from April 2028, set at 3p per mile for battery-electric cars and 1.5p for plug-in hybrids, drew the strongest reaction across the leasing community. While long anticipated, businesses argue that the measure lands at a delicate moment for EV confidence.

Adam Hall, Director of Energy Services at Drax Electric Vehicles, said the timing "risks slowing progress at a critical stage," with new running costs introduced "just as momentum builds." Several industry voices echoed these concerns, noting that businesses and employees weighing EV options could face fresh uncertainty.

Leasing.com CEO Mike Fazal stressed that EVs maintain an operating-cost advantage even with the new charge, but recognised that the financial impact becomes more pronounced for fleets covering high annual mileages. "For organisations operating high-mileage electric fleets, the impact will understandably feel larger," he said, though EVs remain competitive against equivalent petrol and diesel models on total running costs.

Christian Gorton, Marketing Director at CA Auto Finance, described eVED as "a real setback for current and prospective EV drivers," warning that additional lifetime costs "could materially impact how quickly we're able to meet the Government's net-zero targets."

Maria Bengtsson, EY UK&I Mobility Leader, agreed the measure introduces "a potential barrier to demand," though she welcomed the Government's £1.3 billion extension of the Electric Car Grant and further public charging investment.

Reforms to vehicle taxation also drew reaction. The rise in the Expensive Car Supplement (ECS) threshold to £50,000 was widely viewed as helpful, though several commentators said it fell short of market reality.

Caroline Sandall-Mansergh, Consultancy and Channel Development Manager at Alphabet (GB), said the uplift "doesn't go far enough," citing Alphabet data showing an average £56,633 P11D value across more than 1,000 EV models.

Robbie Watson, Senior Associate in the corporate tax team at Birketts LLP, said the Budget "introduces sweeping changes that will reshape fleet, leasing and employee car strategies," including reduced allowances and future changes to Motability VAT treatment.

Rising fuel costs are also on the horizon. Fuel duty will be unfrozen for the first time since 2010, with stepped increases from September 2026. While many fleets have shifted away from petrol and diesel, the change still affects van operators and mixed-fuel portfolios.

Paul Holland, Managing Director for UK/ANZ Fleet at Corpay, said the Budget "makes life harder for fleets and small businesses," warning that "nothing announced today makes life easier for fleets or small businesses."

There was consensus that delaying reforms to Employee Car Ownership Schemes until 2031 avoided immediate disruption. James Tew, CEO at iVendi, described the postponement as "good news," noting it would allow government and industry more time to develop long-term solutions.

"UK Autumn Budget: leasing sector warns of rising costs and slowing demand" was originally created and published by Leasing Life, a GlobalData owned brand.