Exports from 1st to 20th Decrease by 2.4%... 'Tariff Impact' US Exports Down 14.6% [Comprehensive]

Passenger Cars and Petroleum Products Exports Decrease by 6.3%, 24.1% Respectively

Semiconductors Increase by 17.3%

Exports until mid-May decreased compared to a year ago due to a decline in US and automobile exports.

According to the Korea Customs Service on the 21st, exports from the 1st to the 20th of this month amounted to 32 billion dollars, a 2.4% decrease compared to the same period last year. The daily average export amount, considering the number of working days, also decreased by 2.4% to 2.56 billion dollars.

The number of working days from the 1st to the 20th this year was 12.5 days, the same as last year. Monthly export amounts continued to increase for three consecutive months until last month.

However, last month's US exports turned to a decline for the first time in three months, decreasing by 6.8% due to the impact of US tariff policies.

This month, the decline in US exports continued due to the impact of US tariffs. Exports to the US from the 1st to the 20th decreased by 14.6%. Exports to the European Union (EU) also decreased by 2.7%. On the other hand, exports to Vietnam (3.0%), Taiwan (28.2%), and Hong Kong (4.5%) showed an increasing trend.

By major items, semiconductors (17.3%) increased, while passenger cars (-6.3%), petroleum products (-24.1%), and automobile parts (-10.7%) decreased. Exports of 8 out of the top 10 items, excluding semiconductors and ships, decreased.

The import amount from the 1st to the 20th was 32.2 billion dollars, a 2.5% decrease compared to the same period last year. By country, imports from Japan (2.4%), Australia (12.8%), and Vietnam (25.3%) increased, while imports from China (-1.4%), the US (-2.3%), and the EU (-9.2%) decreased.

By item, semiconductors (1.7%) and semiconductor manufacturing equipment (2.4%) increased, while crude oil (-9.5%) and gas (-8.4%) decreased.

As the import amount exceeded the export amount, the trade balance recorded a deficit of 300 million dollars.

Choi Soo-jin, Hankyung.com reporter naive@hankyung.com