Seoul: South Korea's exports decreased by 2.4 percent in the first 20 days of May compared to the same period last year, partly due to ongoing tariff measures affecting shipments to the United States, data revealed on Wednesday. Outbound shipments amounted to US$31.97 billion from May 1-20, a drop from $32.74 billion recorded over the same timeframe in the previous year, as reported by the Korea Customs Service.
According to Yonhap News Agency, imports also saw a decline of 2.5 percent year-on-year to $32.22 billion during this period, leading to a trade deficit of $300 million. The daily average volume of exports mirrored the overall decrease, falling 2.4 percent on-year over the cited period, as noted by the customs office.
The data highlighted a significant decline in exports to the United States, which fell by 14.6 percent to $5.25 billion, mainly due to new tariffs on automobiles and other essential items. Exports to China, South Korea's largest trading partner, also saw a decrease of 7.21 percent year-on-year to $6.33 billion. The customs office indicated that outbound shipments to the U.S. are likely to remain under pressure due to the persistent uncertainties surrounding tariffs.
Sector-wise, there was a 17.3 percent increase in semiconductor exports, reaching $7.27 billion. However, this was contrasted by a 6.3 percent decrease in automobile shipments, which totaled $3.1 billion, and a substantial 24.2 percent decline in petroleum products, which fell to $2.22 billion.
In contrast to the recent decline, South Korea's exports in April experienced a 3.7 percent increase from the previous year, totaling $58.2 billion, marking the third consecutive month of year-on-year growth.