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Exports down 2.4% in first 20 days of May amid U.S. tariff measures

Published: 21 May. 2025, 10:23

Export vehicles are parked at the car-only pier at Pyeongtaek Port in Pyeongtaek, Gyeonggi, on May 20. [NEWS1]

Korea's exports went down 2.4 percent from a year earlier in the first 20 days of this month due in part to sluggish shipments to the United States amid ongoing tariff measures, data showed Wednesday.

Outbound shipments reached $31.97 billion in the period from May 1 to 20, compared with $32.74 billion tallied over the same period last year, according to the data from the Korea Customs Service.

Imports decreased 2.5 percent on-year to $32.22 billion during the period, resulting in a trade deficit of $300 million.

The daily average volume of exports also went down 2.4 percent on-year over the cited period, according to the customs office.

By destination, exports to the United States plunged 14.6 percent to $5.25 billion, largely due to new tariffs on automobiles and other key items. Shipments to China, the top trading partner of Korea, also went down 7.21 percent on-year to $6.33 billion.

The customs office noted that outbound shipments to the United States are expected to remain under downward pressure due to the ongoing tariff-related uncertainties.

By item, exports of semiconductors increased 17.3 percent from a year earlier to $7.27 billion.

In contrast, shipments of automobiles slipped 6.3 percent on-year to $3.1 billion, and those of petroleum products plummeted 24.2 percent to $2.22 billion.

In April, exports gained 3.7 percent from a year earlier to stand at $58.2 billion, marking the third consecutive month of on-year increase.

Yonhap