Latest news with #AhnDukgeun
Yahoo
5 days ago
- Business
- Yahoo
South Korea exports fall as tariffs hit US, China shipments
SEOUL (Reuters) -South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump's sweeping tariffs. Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday. "Declines in exports to both the United States and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun. The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats. The May decline, however, was milder than the 2.7% fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0%. China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action. He also said he would double global tariffs on steel and aluminium to 50%. Trump's "reciprocal tariffs", including 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 those to China fell 8.4%. Exports to the European Union rose 4.0%, those to Southeast Asian countries fell 1.3%, while those to Taiwan surged 49.6%. Exports of semiconductors jumped 21.2%, thanks to robust demand for advanced memory chips, but car exports fell 4.4% due to U.S. tariffs and production at Hyundai Motor's new factory in the U.S. state of Georgia, according to the ministry. South Korea's imports fell 5.3% to $50.33 billion, bringing the monthly trade balance to a surplus of $6.94 billion, the biggest since June 2024.
Reuters
5 days ago
- Business
- Reuters
South Korea exports fall as tariffs hit US, China shipments
SEOUL, June 1 (Reuters) - South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump'ssweeping tariffs. Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday. "Declines in exports to both the United States and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun. The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats. The May decline, however, was milder than the 2.7% fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0%. China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action. He also said he would double global tariffs on steel and aluminium to 50%. Trump's "reciprocal tariffs", including 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 those to China fell 8.4%. Exports to the European Union rose 4.0%, those to Southeast Asian countries fell 1.3%, while those to Taiwan surged 49.6%. Exports of semiconductors jumped 21.2%, thanks to robust demand for advanced memory chips, but car exports fell 4.4% due to U.S. tariffs and production at Hyundai Motor's ( opens new tab new factory in the U.S. state of Georgia, according to the ministry. South Korea's imports fell 5.3% to $50.33 billion, bringing the monthly trade balance to a surplus of $6.94 billion, the biggest since June 2024.
Yahoo
5 days ago
- Business
- Yahoo
South Korea exports fall as tariffs hit US, China shipments
SEOUL (Reuters) -South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump's sweeping tariffs. Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday. "Declines in exports to both the United States and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun. The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats. The May decline, however, was milder than the 2.7% fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0%. China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action. He also said he would double global tariffs on steel and aluminium to 50%. Trump's "reciprocal tariffs", including 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 those to China fell 8.4%. Exports to the European Union rose 4.0%, those to Southeast Asian countries fell 1.3%, while those to Taiwan surged 49.6%. Exports of semiconductors jumped 21.2%, thanks to robust demand for advanced memory chips, but car exports fell 4.4% due to U.S. tariffs and production at Hyundai Motor's new factory in the U.S. state of Georgia, according to the ministry. South Korea's imports fell 5.3% to $50.33 billion, bringing the monthly trade balance to a surplus of $6.94 billion, the biggest since June 2024. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Japan Times
26-05-2025
- Business
- Japan Times
U.S. demanded South Korea resolve trade imbalance in recent talks: reports
The United States demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported Monday. The U.S. repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap news agency reported, citing an unnamed South Korean trade official who was part of the trade delegation. South Korea earned a $55.6 billion surplus from trade with the U.S. in 2024, up 25% from 2023 and a record high, according to Korea Customs Service data. The two countries held technical consultations about trade in Washington last week. They also discussed nontariff measures as well as economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time. Seoul for its part has continued to push for tariff exemptions, the official said. South Korea, which is among a few Asia-Pacific countries that have a free-trade agreement with the United States, has sought exemptions on all tariffs. South Korean Industry and Trade Minister Ahn Duk-geun said after a second round of ministerial-level talks in mid-May that a request by Alphabet's Google on the transfer of local map data overseas could be part of trade discussions. The U.S. had cited South Korea's restrictions on online platform companies regarding overseas transfers of location-based data in its 2025 trade barrier report released in March. South Korean media has also reported U.S. objections over restrictions on its beef imports and tariffs on rice could be included in talks. The two countries began trade talks in April with Seoul seeking a path to slash the stiff tariffs U.S. President Donald Trump is angling to impose. The trade talks will continue under the next government since South Korea is holding a snap presidential election on June 3.
CNA
26-05-2025
- Business
- CNA
US demanded South Korea resolve trade imbalance in recent talks, media reports say
SEOUL: The United States demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported on Monday (May 26). The US repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap News Agency reported, citing an unnamed South Korean trade official who was part of the trade delegation. South Korea earned a US$55.6 billion surplus from trade with the US in 2024, up 25 per cent from 2023 and a record high, according to Korea Customs Service data. The two countries held technical consultations about trade in Washington last week. They also discussed non-tariff measures as well as economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time. Seoul for its part has continued to push for tariff exemptions, the official said. South Korea, which is among a few Asia-Pacific countries that have a free trade agreement with the United States, has sought exemptions on all tariffs. South Korea's Industry and Trade Minister Ahn Duk-geun said after a second round of ministerial-level talks in mid-May that a request by Alphabet's Google on the transfer of local map data overseas could be part of trade discussions. The US had cited South Korea's restrictions on online platform companies regarding overseas transfers of location-based data in its 2025 trade barrier report released in March. South Korean media has also reported US objections over restrictions on its beef imports and tariffs on rice could be included in talks. The two countries began trade talks in April with Seoul seeking a path to slash the stiff tariffs US President Donald Trump is angling to impose.
