Seoul: South Korea's exports to the United States and China are anticipated to further decrease in May, as the effects of the Donald Trump administration's comprehensive tariff scheme begin to take hold, stated the nation's top trade official on Wednesday.
According to Yonhap News Agency, Trade Minister Cheong In-kyo provided this assessment following the release of government data, which indicated a 2.4 percent decline in exports during the first 20 days of May compared to the previous year. This decrease is attributed to reduced shipments to the U.S. amid ongoing tariff measures.
During the initial four months of 2025, cumulative exports amounted to $217.9 billion, marking a 0.7 percent decline from the same period last year, based on data from the Ministry of Trade, Industry and Energy. Exports to the U.S. and China decreased by 3.3 percent and 4.1 percent, respectively, whereas exports to ASEAN and the European Union increased by 5.9 percent and 2.1 percent, respectively.
Trade Minister Cheong stated, "In May, the impact of the U.S. tariff measures is expected to be fully reflected, leading to a decline in exports to the U.S. and China." He made these remarks during a meeting with officials focused on export-related issues.
Cheong emphasized that the government will maintain an emergency response system in cooperation with relevant agencies and continue to provide tailored support to address export challenges in each region. The government has committed to promptly executing the funds allocated through the supplementary budget, which includes 84.7 billion won for the exporter voucher program and 150 billion won for small and mid-sized exporters through trade insurance.