South Korea’s exports declined by 13% in May 2024, mainly due to reduced shipments to China and the US, amid ongoing tariff disputes. The decline was caused by President Donald Trump’s broad tariffs, affecting semiconductor and automobile exports.
Industry Minister Ahn Duk-geun stated that the decrease in exports to the US and China indicates the impact of tariff measures on the global economy. Despite strong demand for semiconductors, automobile exports decreased by 4.4% due to US tariffs.
However, exports to Taiwan surged by 49.6%, while shipments to Southeast Asian nations dropped by 13%. Exports to the EU rose by 4%. The decline in South Korea’s exports indicates the global impact of tariff measures, including those imposed by President Trump.
Source: https://www.fxleaders.com/news/2025/06/01/president-trump-tariffs-hurt-south-koreas-export-in-may