SEOUL, June 01 (AJP) - South Korea’s exports declined in May, snapping a three-month streak of gains, as shipments to key markets including the United States and China weakened, government data showed Sunday.
Exports fell 1.3 percent from a year earlier to $57.3 billion, according to the Ministry of Trade, Industry and Energy.
The downturn was attributed largely to a sharp drop in shipments to the United States, where the Trump administration’s tariff policies have weighed on South Korean automotive exports.
Imports also contracted, falling 5.3 percent year-on-year to $50.3 billion. The resulting trade surplus stood at $6.94 billion.
Shipments to the United States slid 8.1 percent to $10 billion, with the automotive sector particularly affected by the administration’s 25 percent tariffs on imported vehicles.
Exports to China, South Korea’s largest trading partner, also dropped 8.4 percent to $10.4 billion, amid waning demand for semiconductors and petrochemical products.
Deliveries to the Association of Southeast Asian Nations declined 1.3 percent to $10 billion.
In contrast, exports to the European Union rose for the third consecutive month, gaining 4 percent year-on-year to reach $6 billion, buoyed by strong demand for automobiles and chips.
reporter
Candice Kim
candicekim1121@ajupress.com
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