emirates7 - South Korea’s exports declined in May for the first time in four months, largely due to reduced shipments to the U.S. and China, despite a record-breaking performance in semiconductor exports for that month.
Data released on June 1 by the Ministry of Trade, Industry and Energy showed that May exports totaled $57.27 billion, marking a 1.3% compared to the same month last year. Imports also decreased, falling by 5.3% to $50.33 billion.
This represents the first year-on-year export decline since January. The country had seen 15 straight months of export growth until December 2023, with January’s dip attributed to an extended holiday period.
Exports to the U.S. fell 8.1% to $10 billion, following recent U.S. tariff increases—including 25% levies on steel and aluminum in March, automobiles in April, and auto parts in May, along with a 10% base tariff under the reciprocal tariff framework. Similarly, exports to China dropped 8.4% to $10.4 billion.
Auto exports declined 4.4% to $6.2 billion, largely impacted by the U.S. tariffs. In contrast, semiconductor shipments surged 21.2% year-on-year to $13.8 billion—the highest May figure on record.
“The U.S. tariffs are clearly affecting global trade and Korea’s export performance, as reflected in the reduced shipments to our two biggest trading partners, the U.S. and China,” said Trade Minister Ahn Duk-geun.
He also noted that a significant in global oil prices—down to the low $60s per barrel in May—contributed to more than a 20% year-on-year decline in petroleum and petrochemical exports, further dragging down overall export figures.
Data released on June 1 by the Ministry of Trade, Industry and Energy showed that May exports totaled $57.27 billion, marking a 1.3% compared to the same month last year. Imports also decreased, falling by 5.3% to $50.33 billion.
This represents the first year-on-year export decline since January. The country had seen 15 straight months of export growth until December 2023, with January’s dip attributed to an extended holiday period.
Exports to the U.S. fell 8.1% to $10 billion, following recent U.S. tariff increases—including 25% levies on steel and aluminum in March, automobiles in April, and auto parts in May, along with a 10% base tariff under the reciprocal tariff framework. Similarly, exports to China dropped 8.4% to $10.4 billion.
Auto exports declined 4.4% to $6.2 billion, largely impacted by the U.S. tariffs. In contrast, semiconductor shipments surged 21.2% year-on-year to $13.8 billion—the highest May figure on record.
“The U.S. tariffs are clearly affecting global trade and Korea’s export performance, as reflected in the reduced shipments to our two biggest trading partners, the U.S. and China,” said Trade Minister Ahn Duk-geun.
He also noted that a significant in global oil prices—down to the low $60s per barrel in May—contributed to more than a 20% year-on-year decline in petroleum and petrochemical exports, further dragging down overall export figures.