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South Korea's exports declined 5.2% year-over-year during the first 20 days of April, according to customs data released Monday, as new U.S. tariffs under President Donald Trump weighed heavily on outbound shipments. The decline was largely driven by a sharp 14.3% drop in exports to the United States, following the imposition of 10% blanket tariffs and 25% auto tariffs this month. A separate 25% retaliatory tariff on South Korea remains temporarily suspended for 90 days.
The tariff impact comes amid broader global trade tensions, with exports to China — also embroiled in a trade war with the U.S. — falling 3.4%. In contrast, shipments to the European Union jumped 13.8%, offering a rare bright spot for Korea’s trade balance.
By category, automobile exports fell 6.5% while auto parts dipped 1.7%, reflecting the direct impact of U.S. auto tariffs on the Korean automotive sector. However, semiconductor shipments rose 10.7%, continuing to support Korea's tech-driven economy despite external headwinds.
The early April data underscores the volatility facing South Korea’s trade outlook, as global supply chains adjust to protectionist policies and shifting geopolitical alliances. Analysts warn that prolonged U.S. tariffs could further strain Korean exporters, especially in the auto and manufacturing sectors, unless exemptions or trade negotiations ease the pressure.
The export figures are closely watched as a barometer of South Korea's economic health, with global demand, especially from key partners like the U.S. and China, playing a critical role in shaping the country’s growth trajectory.
