Containers for outbound shipment are stacked at a port in Busan, Nov. 29. Yonhap

Korea's chance to overtake Japan in exports for the first time appears to be fading away due to slower growth in outbound shipments and recent political unrest caused by the passage of an impeachment motion against President Yoon Suk Yeol.

According to government data on Thursday, Korea's exports grew 1.4 percent in November from a year earlier. Such year-on-year growth has been slowing down, from 13.5 percent in July to 10.9 percent in August, 7.1 percent in September and 4.6 percent in October.

The finding comes after the gap in the total value of exports between the two countries shrank to $2.4 billion won in May, which contributed to a record-low gap of $3.5 billion in the first half of 2024.

The gap has been closing increasingly this year, compared to about $160 billion in 2018 and $85 billion in 2023.

Correspondingly, Korea had fueled optimism that it could outpace Japan in exports for the first time.

But the gap began to widen again in the second half of the year, with $7 billion in August and $17.1 billion in October.

"Under the circumstance, Korea may need to delay its hopes to surpass Japan in outbound shipments," an industry source said.

The source noted that the Japanese yen, after getting weaker against the U.S. dollar, has been gaining momentum to push up the value of Japanese goods sold abroad.

The government pledged to take necessary measures to boost exports through the end of the year.

But sources remained skeptical over whether it can do anything, as state affairs remain unstable in the wake of Yoon's impeachment.