South Korea’s exports edged down barely in May, dropping for the primary time in 4 months, led by a decline in shipments to the United States and China attributable to world commerce battle triggered by U.S. President Donald Trump’s sweeping tariffs.
Exports from Asia’s fourth-largest economic system, an early bellwether for world commerce, declined 1.3% from the identical month final 12 months to $57.27 billion, authorities knowledge confirmed on Sunday.
The first decline since January adopted rises as sturdy chip gross sales had offset downward stress from Trump’s tariff threats.
The May decline, nonetheless, was milder than the two.7% fall forecast in a Reuters ballot of economists. On a working-day adjusted foundation, exports actually rose 1.0%.
China and the United States agreed in mid-May to a 90-day truce, considerably unwinding their tariffs on one another, after months of back-and-forth retaliatory measures, however Trump on Friday accused Beijing of violating the settlement and threatened to take more durable motion. He additionally mentioned he would double world tariffs on metal and aluminum to 50%.
Trump’s “reciprocal tariffs,” together with 25% duties on South Korea, are on a 90-day pause for negotiations.
South Korea’s May shipments to the United States fell 8.1% and people to China fell 8.4%. Exports to the European Union rose 4.0%, these to Southeast Asian international locations fell 1.3%, whereas these to Taiwan surged 49.6%.
Exports of semiconductors jumped 21.2%, because of sturdy demand for superior reminiscence chips, however automobile exports fell 4.4% attributable to U.S. tariffs and manufacturing at Hyundai Motor’s new manufacturing facility within the U.S. state of Georgia, based on the ministry.
South Korea’s imports fell 5.3% to $50.33 billion, bringing the month-to-month commerce steadiness to a surplus of $6.94 billion, the most important since June 2024.
Source: www.dailysabah.com