Seoul: South Korea's exports decreased by 2.2 percent in the first 20 days of July compared to the previous year, with weaker shipments to the United States and China contributing to the decline. This downturn is occurring amidst ongoing uncertainties over U.S. tariff policies.
According to Yonhap News Agency, outbound shipments for the July 1-20 period amounted to $36.1 billion, down from $36.9 billion in the same period last year, as reported by the Korea Customs Service. Imports also fell by 4.3 percent year-on-year to $35.6 billion, resulting in a trade surplus of $500 million.
Despite the overall drop in exports, the daily average export volume saw a 4.1 percent increase from the previous year over the same period. The number of working days during this period in 2023 was 15.5 days, compared to 16.5 days in 2024.
Exports to the U.S. declined by 2.1 percent year-on-year to $6.42 billion, influenced by ongoing tariff measures under the Donald Trump administration, while shipments to China decreased by 5.9 percent to $6.88 billion. The customs agency cited reduced working days and increased uncertainty in U.S. trade policy as reasons for the decline.
By product category, semiconductor exports surged by 16.5 percent to $7.89 billion, and automobile shipments increased by 3.9 percent to $3.63 billion. In contrast, exports of petroleum products fell by 17.5 percent to $2.52 billion.
In June, exports had risen by 4.3 percent year-on-year to $59.8 billion, achieving the highest figure for any June, driven by strong global demand for semiconductors, according to separate government data.