Latest news with #CheongIn-kyo
Korea Herald
27-05-2025
- Business
- Korea Herald
S. Korean, Japanese biz leaders hold annual conference to discuss deepening economic ties
Business leaders from South Korea and Japan kicked off their annual conference Tuesday to discuss expanding bilateral cooperation in supply chains, energy and trade, Seoul's industry ministry said. The 57th Korea-Japan Business Conference will be held through Wednesday in Seoul, bringing together some 300 economic leaders from the two countries, according to the Ministry of Trade, Industry and Energy. In this year's event, the two sides plan to discuss ways to deepen bilateral economic cooperation, marking the 60th anniversary of the normalization of diplomatic ties between Seoul and Tokyo. In detail, the Korean and Japanese business leaders will exchange opinions on collaborations in advanced industries, such as artificial intelligence, semiconductors and bio, as well as efforts to achieve carbon neutrality. They will also discuss efforts to push for a bilateral free trade agreement between the two countries to expand their cooperation and facilitate people-to-people exchanges. In a congratulatory message, South Korean Trade Minister Cheong In-kyo called for joint efforts to respond to supply chain risks, promote the use of renewable energy and expand the countries' foothold in the Global South region, according to the ministry. (Yonhap)
Daily Express
21-05-2025
- Automotive
- Daily Express
South Korea exports fall on tariff woes
Published on: Wednesday, May 21, 2025 Published on: Wed, May 21, 2025 By: AFP Text Size: Stacks of one hundred dollar notes are piled up for counting at the headquarters of the Korea Exchange Bank in Seoul February 3, 2009. - Reuters pic SEOUL: South Korea's exports fell 2.4 percent year-on-year in the first 20 days of May, partly due to weak sales to the United States after Washington imposed and then partly lifted sweeping tariffs, official data showed Wednesday. Last month, the country's exports showed unexpected strength, lifted by robust semiconductor demand even as US tariffs weighed on trade. But early signs suggest that rising trade tensions are beginning to affect South Korea's other key industries -- including automobiles, which have been hit by a 25 percent levy. South Korea's exports totalled $32 billion from May 1 to 20, down 2.4 percent from the same period last year, according to data from the Korea Customs Service. Shipments to the United States, Seoul's key ally, fell 14.6 percent year-on-year during the period, while exports to China and the European Union also declined by 7.2 percent and 2.7 percent, respectively. Asia's fourth-largest economy was hit with a 25 percent across-the-board tariff by the United States -- although it was temporarily reduced to 10 percent for 90 days starting in early April. Advertisement But specific 25 percent duties remain in place on key exports such as steel, aluminium and automobiles. Following a second round of ministerial-level trade talks last week, Seoul is now in working-level technical discussions with Washington, aiming to secure full tariff exemptions by finalising a trade package by early July. Shipments of semiconductors, South Korea's biggest export, rose 17.3 percent year-on-year. Experts have suggested the rise in chip exports, including the high-tech ones needed for AI, could be due to stockpiling. But the country's other key exports, cars and steel, fell on-year by 6.3 percent and 12.1 percent, respectively, during the May 1-20 period. The auto industry accounts for 27 percent of South Korea's exports to the United States, which takes in nearly half of the country's car exports. Exports of petroleum products, home appliances and wireless communication devices also all dropped, by 24.1 percent, 19.7 percent and 5.9 percent, respectively. Seoul aims to leverage the talks with Washington with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China. Sharp slowdown Cheong In-kyo, South Korea's minister for trade, said for the entire month of May, the country's 'exports to the US and China are expected to decline as the impact of US tariff measures begins to materialise.' On the ongoing tariffs talks with Washington, Cheong said 'we will actively engage ... to find a mutually beneficial solution, with national interest as our top priority.' Seoul's finance ministry announced Wednesday that it will deploy a total of 28.6 trillion won ($20.5 billion) in emergency liquidity and financial aid to support domestic firms impacted by US tariff measures. The amount marks an increase from the 25 trillion won announced by the government last month, but was part of an additional budget dedicated to easing tariff woes for the country's exporters announced earlier this year. 'The government is taking a preemptive approach to the impact of tariffs by formulating an all-ministry export strategy,' the ministry said in a statement. It is also 'working to fundamentally strengthen the ecosystem of high-tech industries such as semiconductors, AI, and secondary batteries,' the ministry added. South Korea's imports also fell 2.5 percent year-on-year to $32.2 billion in the first 20 days of May, resulting in a trade deficit of $300 million, according to the Korea Customs Service. Due to escalating tariffs, experts now expect a meagre 0.4 percent growth in exports for the Asia-Pacific region this year -- a sharp slowdown from 5.7 percent in 2024, according to an APEC report released last week. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
21-05-2025
- Automotive
- The Sun
S. Korea Exports Drop 2.4% Amid Rising U.S. Tariffs
SEOUL: South Korea's exports fell 2.4 percent year-on-year in the first 20 days of May, partly due to weak sales to the United States after Washington imposed and then partly lifted sweeping tariffs, official data showed Wednesday. Last month, the country's exports showed unexpected strength, lifted by robust semiconductor demand even as US tariffs weighed on trade. But early signs suggest that rising trade tensions are beginning to affect South Korea's other key industries -- including automobiles, which have been hit by a 25 percent levy. South Korea's exports totalled $32 billion from May 1 to 20, down 2.4 percent from the same period last year, according to data from the Korea Customs Service. Shipments to the United States, Seoul's key ally, fell 14.6 percent year-on-year during the period, while exports to China and the European Union also declined by 7.2 percent and 2.7 percent, respectively. Asia's fourth-largest economy was hit with a 25 percent across-the-board tariff by the United States -- although it was temporarily reduced to 10 percent for 90 days starting in early April. But specific 25 percent duties remain in place on key exports such as steel, aluminium and automobiles. Following a second round of ministerial-level trade talks last week, Seoul is now in working-level technical discussions with Washington, aiming to secure full tariff exemptions by finalising a trade package by early July. Shipments of semiconductors, South Korea's biggest export, rose 17.3 percent year-on-year. Experts have suggested the rise in chip exports, including the high-tech ones needed for AI, could be due to stockpiling. But the country's other key exports, cars and steel, fell on-year by 6.3 percent and 12.1 percent, respectively, during the May 1-20 period. The auto industry accounts for 27 percent of South Korea's exports to the United States, which takes in nearly half of the country's car exports. Exports of petroleum products, home appliances and wireless communication devices also all dropped, by 24.1 percent, 19.7 percent and 5.9 percent, respectively. Seoul aims to leverage the talks with Washington with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China. Sharp slowdown Cheong In-kyo, South Korea's minister for trade, said for the entire month of May, the country's 'exports to the US and China are expected to decline as the impact of US tariff measures begins to materialise.' On the ongoing tariffs talks with Washington, Cheong said 'we will actively engage ... to find a mutually beneficial solution, with national interest as our top priority.' Seoul's finance ministry announced Wednesday that it will deploy a total of 28.6 trillion won ($20.5 billion) in emergency liquidity and financial aid to support domestic firms impacted by US tariff measures. The amount marks an increase from the 25 trillion won announced by the government last month, but was part of an additional budget dedicated to easing tariff woes for the country's exporters announced earlier this year. 'The government is taking a preemptive approach to the impact of tariffs by formulating an all-ministry export strategy,' the ministry said in a statement. It is also 'working to fundamentally strengthen the ecosystem of high-tech industries such as semiconductors, AI, and secondary batteries,' the ministry added. South Korea's imports also fell 2.5 percent year-on-year to $32.2 billion in the first 20 days of May, resulting in a trade deficit of $300 million, according to the Korea Customs Service. Due to escalating tariffs, experts now expect a meagre 0.4 percent growth in exports for the Asia-Pacific region this year -- a sharp slowdown from 5.7 percent in 2024, according to an APEC report released last week.
The Sun
21-05-2025
- Automotive
- The Sun
South Korea exports fall on tariff woes
SEOUL: South Korea's exports fell 2.4 percent year-on-year in the first 20 days of May, partly due to weak sales to the United States after Washington imposed and then partly lifted sweeping tariffs, official data showed Wednesday. Last month, the country's exports showed unexpected strength, lifted by robust semiconductor demand even as US tariffs weighed on trade. But early signs suggest that rising trade tensions are beginning to affect South Korea's other key industries -- including automobiles, which have been hit by a 25 percent levy. South Korea's exports totalled $32 billion from May 1 to 20, down 2.4 percent from the same period last year, according to data from the Korea Customs Service. Shipments to the United States, Seoul's key ally, fell 14.6 percent year-on-year during the period, while exports to China and the European Union also declined by 7.2 percent and 2.7 percent, respectively. Asia's fourth-largest economy was hit with a 25 percent across-the-board tariff by the United States -- although it was temporarily reduced to 10 percent for 90 days starting in early April. But specific 25 percent duties remain in place on key exports such as steel, aluminium and automobiles. Following a second round of ministerial-level trade talks last week, Seoul is now in working-level technical discussions with Washington, aiming to secure full tariff exemptions by finalising a trade package by early July. Shipments of semiconductors, South Korea's biggest export, rose 17.3 percent year-on-year. Experts have suggested the rise in chip exports, including the high-tech ones needed for AI, could be due to stockpiling. But the country's other key exports, cars and steel, fell on-year by 6.3 percent and 12.1 percent, respectively, during the May 1-20 period. The auto industry accounts for 27 percent of South Korea's exports to the United States, which takes in nearly half of the country's car exports. Exports of petroleum products, home appliances and wireless communication devices also all dropped, by 24.1 percent, 19.7 percent and 5.9 percent, respectively. Seoul aims to leverage the talks with Washington with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China. Sharp slowdown Cheong In-kyo, South Korea's minister for trade, said for the entire month of May, the country's 'exports to the US and China are expected to decline as the impact of US tariff measures begins to materialise.' On the ongoing tariffs talks with Washington, Cheong said 'we will actively engage ... to find a mutually beneficial solution, with national interest as our top priority.' Seoul's finance ministry announced Wednesday that it will deploy a total of 28.6 trillion won ($20.5 billion) in emergency liquidity and financial aid to support domestic firms impacted by US tariff measures. The amount marks an increase from the 25 trillion won announced by the government last month, but was part of an additional budget dedicated to easing tariff woes for the country's exporters announced earlier this year. 'The government is taking a preemptive approach to the impact of tariffs by formulating an all-ministry export strategy,' the ministry said in a statement. It is also 'working to fundamentally strengthen the ecosystem of high-tech industries such as semiconductors, AI, and secondary batteries,' the ministry added. South Korea's imports also fell 2.5 percent year-on-year to $32.2 billion in the first 20 days of May, resulting in a trade deficit of $300 million, according to the Korea Customs Service. Due to escalating tariffs, experts now expect a meagre 0.4 percent growth in exports for the Asia-Pacific region this year -- a sharp slowdown from 5.7 percent in 2024, according to an APEC report released last week.
RTHK
15-05-2025
- Business
- RTHK
China, US trade reps meet on sidelines of Apec session
China, US trade reps meet on sidelines of Apec session South Korea's Trade Minister Cheong In-kyo speaks during the opening ceremony of APEC Ministers Responsible for Trade Meeting. Photo: Reuters South Korean authorities on Thursday said Chinese and US officials have met on the sidelines of the annual Asia-Pacific Economic Cooperation (Apec) session of trade representatives. Korea's Industry and Trade Ministry said Chinese trade envoy Li Chenggang met US Trade Representative Jamieson Greer, in a sign of potential further progress to address trade frictions between the world's biggest economies. The two sides held high-stakes talks earlier this month in Geneva, in which they agreed to slash steep tariffs. It comes as Apec warned that exports from a region that accounts for around half of world trade will slow sharply this year, and barely grow at all, in the wake of US tariff announcements. The 21-member bloc projected exports in the region would rise only 0.4 percent this year, compared with 5.7 percent last year, in an analysis report released at its 2025 meeting of ministers responsible for trade in South Korea's resort island of Jeju. It also cut its regional economic growth forecast for this year to 2.6 percent from the previous 3.3 percent. "Trade growth is set to decline sharply across Apec due to lower external demand, particularly in manufacturing and consumer goods, while rising uncertainty over goods-related measures weighs on services trade," the bloc said in a statement. The trade ministers' meeting is being held as part of a second round of senior officials' meetings ahead of an Apec leaders' summit this year in Gyeongju, South Korea. (Reuters)
