Third of Korean exporters bracing for tougher year as tariff and currency concerns grow
Published: 04 Feb. 2025, 10:31
![Stacks of shipping containers at a port in Busan on Feb. 1 [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2025/02/04/cf1383a4-0dc6-41b9-b6ca-488e01b2f884.jpg)
Stacks of shipping containers at a port in Busan on Feb. 1 [YONHAP]
More than one out of three export companies in Korea anticipate deteriorating business conditions this year amid increased tariff concerns and foreign exchange woes, a survey showed Tuesday.
According to the survey conducted by the Korea International Trade Association (KITA) on 2,000 member companies from Nov. 25 to Dec. 9, 37.3 percent of respondents answered they foresee a decline in business conditions in 2025 due to growing uncertainty in global trade.
Of the respondents, 48.6 percent said they expect business conditions to remain similar, while 14.2 percent anticipated improved conditions.
By sector, the shipbuilding industry stood out as one of the very few that have high expectations for improved business conditions and investment, supported by rising global orders.
In contrast, the chemical and wireless communication device sectors anticipated increased competition from China, raising concerns over investment cutbacks.
Meanwhile, 55.5 percent said they expect their shipments to the United States to remain unchanged despite the new Washington administration considering imposing universal tariffs on all imports, as they anticipate tariffs would apply equally to all countries.
Industries projected to benefit from U.S. trade despite Washington's new policies include shipbuilding, telecommunications and cosmetics, according to the survey.
Yonhap
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)