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South Korea’s May Exports Fall 1.3% as U.S. Tariffs Bite

Seoul has rolled out support packages, pursuing tariff exemptions after declines in automotive and petrochemical exports to its two largest markets.

A general view shows Pusan Newport Terminal in Busan, South Korea, July 1, 2021. Picture taken on July 1, 2021. REUTERS/Kim Hong-Ji/File Photo
This file photo taken on April 29, 2025, shows cars waiting to be exported at a port in Pyeongtaek, about 65 kilometers south of Seoul. (Yonhap)
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Overview

  • Outbound shipments dipped 1.3% year-on-year to $57.3 billion in May, snapping a three-month increase, according to the Ministry of Trade, Industry and Energy.
  • Exports to the United States fell 8.1% to $10 billion under 25% automotive tariffs, while shipments to China dropped 8.4% on weaker demand for semiconductors and petrochemicals.
  • Sales to the European Union rose 4% to $6 billion for a third straight month, driven by strong auto and chip orders, even as other Asian markets showed mixed trends.
  • A more than 20% plunge in petroleum and petrochemical exports followed lower oil prices, and imports fell 5.3% to $50.3 billion, yielding a $6.94 billion trade surplus.
  • The government has unveiled fiscal and export relief measures and is negotiating U.S. tariff exemptions as President Trump again threatens to double steel and aluminum duties.