S. Korean exporters expect 4.9% drop in US sales amid tariff concerns: survey
South Korean exporters anticipate a nearly 5 percent drop in their shipments to the United States this year if Washington's current tariff policies continue, a business survey showed Monday.
According to the poll commissioned by the Federation of Korean Industries and conducted by Mono Research, 150 export-oriented firms that offered responses among the country's top 1,000 companies by sales forecast an average 4.9 percent decrease in US export volumes in 2025.
By sector, electrical and electronics companies expected the steepest decline of 8.3 percent, followed by automobiles and auto parts at 7.9 percent, petrochemicals and petroleum products at 7.2 percent, and general machinery at 6.4 percent.
In contrast, shipbuilders and pharmaceutical companies project increases in US exports of 10 percent and 1.6 percent, respectively, despite ongoing tariff concerns.
Of the respondents, 81.3 percent said they expect negative impacts from the tariff measures on the businesses of both countries. Another 14.7 percent said the impact would be negative for South Korean firms but beneficial to their American counterparts.
In terms of government responses, 44.6 percent called for negotiations to minimize tariffs, while 13.6 percent urged support for diversifying export markets. Another 13.1 percent recommended expanding the list of duty-free items, and 9.4 percent suggested ensuring that South Korea receives tariff rates equal to those of its global competitors.
"The government should closely monitor tariff-related developments, work to remove non-tariff barriers and develop negotiation strategies that minimize the impact on domestic exporters," a FKI official said. (Yonhap)
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