South Korea exports decline by 1.3% in May

2025/06/01 9:05:44 AM

1 minute read

Seoul on June 1 / WAM / South Korea exports during May declined by 1.3% compared to the same period last year, ending a series of continuous growth that lasted three months.
And government data issued today by the Korean Ministry of Trade, Industry and Energy showed that the value of exports amounted to 57.3 billion US dollars in May, while imports shrinks by 5.3% on an annual basis to reach 50.3 billion dollars, which resulted in a trade surplus of 6.94 billion dollars.
The ministry pointed out that the decrease in exports was driven by the decline in shipments to the United States by 8.1% to reach 10 billion dollars, in light of the negative effects of the customs duties policies pursued by the administration of US President Donald Trump, especially the imposition of 25% fees on car imports, which weakened the performance of this vital sector.
Exports to China, the largest commercial partner of South Korea, also decreased by 8.4% on an annual basis to record 10.4 billion dollars, affected by the low demand for semiconductors and petrochemical products, and exports to the ASEAN countries witnessed a decline of 1.3% to 10 billion dollars.
On the other hand, Korean exports to the European Union achieved 4% growth to $ 6 billion, driven by the high demand for cars and semi -conductors, to record a growth for the third month in a row.
“It is clear that the American customs duties cast a shadow over the global economy and South Korea exports, which is evident from the decline in exports to both the United States and China,” said Ann Duk-Jeon, South Korean Minister of Industry.
He added that the sharp decline in global oil prices, which amounted to $ 60 a barrel in May, contributed to reducing exports of petroleum and petrochemical products by more than 20% on an annual basis, which constituted a major factor in the general decline of Korean exports.
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