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Korea Herald
22-07-2025
- Business
- Korea Herald
Vice minister reiterates efforts to minimize export risks amid US tariff uncertainties
The government will work to successfully conclude tariff negotiations with the United States to minimize risks for export companies, the first vice industry minister said Tuesday. "Our export companies are facing heightened uncertainties ahead of the imposition of US reciprocal tariffs on Aug. 1," First Vice Industry Minister Moon Shin-hak said in a meeting to review export trends. "During the remaining period, the government will make every effort to smoothly conclude tariff negotiations with the US in a way that maximizes national interest," he added, referring to the Aug. 1 deadline when the US will start imposing 25 percent reciprocal tariffs on South Korean products. South Korea's exports shrank 2.2 percent from a year earlier to $36.1 billion in the first 20 days of this month, data from the Korea Customs Service showed earlier. Outbound shipments to the US fell 2.1 percent on-year to $6.42 billion, weighed down by sweeping tariff measures by US President Donald Trump's administration. By item, steel exports dropped 9.7 percent to $2.39 billion, apparently affected by the administration's 50 percent tariffs on all steel imports. Exports of petroleum and petrochemical products slid 17.5 percent and 13.9 percent to $2.52 billion and $2.36 billion, respectively, amid a decline in global oil prices. On the other hand, exports of semiconductors increased 16.5 percent on-year to $7.89 billion, and auto exports expanded 3.9 percent to $3.63 billion.
Korea Herald
23-06-2025
- Business
- Korea Herald
S. Korea's exports shrink 1% in January-May amid US tariffs, Mideast tensions
South Korea's exports decreased nearly 1 percent from a year earlier in the January-May period amid the rise of trade protectionism in major economies, including the United States, and growing tensions in the Middle East, Seoul's industry ministry said Monday. Outbound shipments came to $274.9 billion in the first five months of the year, down 0.9 percent from a year ago, according to the Ministry of Trade, Industry and Energy. Auto exports went down 2.5 percent on-year to $30 billion won, with shipments to the US plummeting 16.6 percent due to the Donald Trump administration's 25 percent tariffs on all imported cars. Exports of petroleum and petrochemical products contracted 21.5 percent and 10.6 percent on-year to $17.9 billion and $18.3 billion, respectively, on the decline in global oil prices. On the other hand, semiconductor exports increased 11 percent on-year to hit a record high of $58.3 billion for the January-May period, thanks to robust demand for high-value products, such as high bandwidth memory and DDR5. Shipments of vessels gained 12 percent to $11.4 billion, while those of wireless communication equipment added 11 percent on-year to $6.5 billion and computer exports rose 12 percent to $4.5 billion. "We are facing extremely serious conditions surrounding our exports and economy due to uncertainties in the global political and economic landscape," First Vice Industry Minister Moon Shin-hak said, referring to the Trump administration's evolving tariff scheme and the Israel-Iran conflict. "The government will put in all-out efforts to successfully conclude ongoing trade negotiations with the US and devise creative and bold policies to improve our industrial structure and innovate our trade system," he added. (Yonhap)
