Overview

• Outbound shipments fell to $57.3 billion in May, marking a 1.3% year-on-year decline and ending a three-month rise.
• Exports to the United States slid 8.1% to $10 billion under 25% auto tariffs, while shipments to China dropped 8.4% amid weaker semiconductor and petrochemical demand.
• Semiconductor exports climbed 21.2% to a May record of $13.8 billion, but petroleum and petrochemical outflows plunged over 20% on lower global oil prices.
• Imports declined 5.3% to $50.3 billion, yielding a $6.94 billion trade surplus as sales to the European Union rose 4% to $6 billion.
• The government will seek tariff exemptions in talks with Washington and allocate 150 billion won for export insurance plus 84.7 billion won in tariff response vouchers.