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3h ago

South Korea’s Early-September Exports Rise as Q2 Data Show Tariff Burden Surged

Strong chip demand helps cushion the U.S. tariff shock.

Containers await shipment at a port in Busan, about 330 kilometers southeast of Seoul, in this July 31, 2025, file photo. (Yonhap)
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In this file photo, containers are stacked at a port in Pyeongtaek, south of Seoul, on Sept. 4, 2025. (Yonhap)

Overview

  • Customs data show exports for Sept. 1–20 rose 13.5% year over year to US$40.12 billion, with a US$1.9 billion trade surplus as the daily average fell 10.6% on more working days.
  • KCCI reported a 47-fold jump in tariffs on Korean goods in Q2 versus Q4 2024, with US$3.3 billion paid and automobiles and parts making up 57.5% (US$1.9 billion).
  • Under Washington’s new scheme, a universal 10% duty applies alongside sectoral levies such as 25% on autos and 50% on steel, lifting Korea’s effective tariff rate to 10% in Q2.
  • Semiconductor shipments climbed 27% to US$9.49 billion in the Sept. 1–20 period, while autos rose 14.9%, ships 46.1%, steel 7.1% and chemical products fell 4.5%.
  • The industry ministry said exports grew 0.9% to US$453.8 billion in January–August and pledged support including up to 570 billion won in emergency aid and expanded trade insurance of 270 trillion won.