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Korea Herald
27-05-2025
- Business
- Korea Herald
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)
India Gazette
27-05-2025
- Automotive
- India Gazette
Korean exporters to witness 4.9% decline in exports, if US tariff policy persists
ANI 27 May 2025, 12:09 GMT+10 New Delhi [India] May 27 (ANI): South Korean exporters are expected to see a 4.9 per cent decline in exports during 2025 on a year-on-year basis, if US President Donald Trump goes ahead with his current tariff policies, revealed a new survey released on Monday, reports the Korea to the survey, worst hit sector is expected to be companies that produce electronics, which is likely to see a steep decline of 8.3 percent, followed by automobiles and parts with a 7.9 percent drop, petroleum products down at 7.2 percent, general machinery at 6.4 percent, semiconductors at 3.6 percent and steel at 2.8 the flip side, shipbuilders and biopharmaceuticals are likely to see an upside in their overseas shipments, by 10 per cent and 1 per cent, respectively, overpowering the tariff survey was conducted by local pollster Mono Research and commissioned by the country's major business lobby, the Federation of Korean Industries, which polled around 150 export-oriented companies among the country's top 1,000 companies by survey also revealed that, if the US sticks to its current tariff policies, then Korean companies are likely to see a 6.6 per cent decline in their overall revenue and a 6.3 per cent decline in operating profits, on average. Over 80 per cent of the respondent believe that 'US tariff policies would negatively affect both American and Korean businesses, while 14.7 per cent said the tariffs would hurt Korean companies but benefit their US counterparts.' 'Despite a temporary tariff reduction agreement between the US and China, the uncertainty on tariff policies remains,' said Lee Sang-ho, head of FKI's economic and industrial research department. 'The government must closely monitor tariff-related developments, work to remove nontariff barriers and develop negotiation strategies to minimise damage to Korean firms says the news report by the Korea month, South Korea's automobile exports declined in April year on year, largely due to a sharp drop in shipments to the United States following Washington's imposition of steep tariffs on foreign-made cars. (ANI)
Korea Herald
26-05-2025
- Business
- Korea Herald
Korean exporters expect 4.9% drop if Trump tariffs persist: survey
South Korean exporters expect a 4.9 percent drop in exports this year if US President Donald Trump's tariff policies continue, according to a new survey released Monday. The survey was conducted by local pollster Mono Research and commissioned by the country's major business lobby, the Federation of Korean Industries. It polled 150 export-oriented companies among the country's top 1,000 companies by revenue. Findings suggest that these companies expect their export volume will decrease by 4.9 percent this year compared with the previous year, assuming current US tariff measures stay in effect. The figure represents the average forecast across the surveyed companies. By sector, companies that produce electronics projected the steepest decline at 8.3 percent, followed by automobiles and parts with a 7.9 percent drop, petroleum products at 7.2 percent, general machinery at 6.4 percent, semiconductors at 3.6 percent and steel at 2.8 percent. Meanwhile, shipbuilders and biopharmaceutical companies projected an increase in their overseas shipments, by 10 percent and 1 percent, respectively, despite the tariff measures. The survey also found that if US tariff policy remains unchanged, companies expect their overall revenue and operating profits to fall by 6.6 percent and 6.3 percent, respectively, on average. Around 81 percent of respondents said US tariff policies would negatively affect both American and Korean businesses, while 14.7 percent said the tariffs would hurt Korean companies but benefit their US counterparts. Asked what the biggest management challenges are, 24.9 percent cited increased uncertainty due to frequent tariff policy changes by the Trump administration, followed by a global economic slowdown stemming from tariff tensions with 24 percent, declining US exports with 18.8 percent, heightened currency fluctuation risk with 17.5 percent and potential damages due to dumping by China. As a countermeasure, 26.9 percent of companies said they are diversifying export markets as their top response, while 19.8 percent said they are restructuring their global production network. Other strategies include strengthening foreign exchange risk management with 16.5 percent and launching collective industry responses with 15.1 percent. In terms of desired government action, 44.6 percent of respondents urged negotiations with Washington to reduce tariffs, while 13.6 percent called for support for diversifying export markets. Another 13.1 percent demanded broadening the list of duty-free items and 9.4 percent suggested ensuring that South Korea receives tariff rates equal to other competing countries. Surveyed on how long the uncertainty in the global trade industry will persist, 42.7 percent predicted six months to one year, followed by 18 percent estimating one to two years. 'Despite a temporary tariff reduction agreement between the US and China, the uncertainty on tariff policies remains,' said Lee Sang-ho, head of FKI's economic and industrial research department. 'The government must closely monitor tariff-related developments, work to remove nontariff barriers and develop negotiation strategies to minimize damage to Korean firms.
