South Korea exports rebound on tech boost but US, China shipments extend losses
Exports from Asia's fourth-largest economy, an early bellwether for global trade, rose 4.3% from the same month last year to $59.80 billion, marginally weaker than the median 4.7% rise tipped in a Reuters poll of economists.
In May, exports dipped 1.3%, as shipments to the U.S. and China dropped more than 8% each on downward pressure from U.S. President Donald Trump's tariff threats.
Shipments to the U.S. fell 0.5% last month, extending losses for a third consecutive month, while those to China were also down for a second month, dropping 2.7%. Exports to the European Union rose 14.7%, while those to Southeast Asian countries gained 2.1%.
"Volatility in U.S. tariff policy and economic recovery uncertainty are expected to persist in the second half," South Korean Industry and Trade Minister Ahn Duk-geun said, promising an all-out response to U.S. tariffs.
South Korea will seek an extension to the 90-day pause in U.S. tariffs that is set to expire next week, as negotiations are likely to continue past the deadline set between Seoul and Washington, a senior South Korean trade official said on Monday.
Exports of semiconductors extended gains for a fourth straight month by rising 11.6%, but it was the slowest in the streak. Automobiles rose 2.3%, as robust electric-vehicle demand in Europe offset losses in U.S. sales, according to the ministry.
Imports rose 3.3% to $50.72 billion, bringing the monthly trade balance to a surplus of $9.08 billion, the biggest since September 2018.
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Reuters
18 minutes ago
- Reuters
India File: The new gold rush for weight-loss drugs
(This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get the latest news from India and how it matters to the world.) India has joined the global rush for weight-loss drugs as Novo Nordisk launched its popular Wegovy last week in the world's most populous country, just months after the arrival of rival Eli Lilly's Mounjaro. India's pharmaceutical powerhouses are also gearing up to launch generic versions of these drugs, putting it squarely on the map of what could become a $150 billion global market within the next 10 years. That's our focus this week. And, after a bountiful monsoon brought a bumper rice harvest, India is diverting record volumes to ethanol production to rein in inventories. Scroll down for more on that. From healthcare to esports, Asia's industries are evolving fast. Register, opens new tab to watch the live broadcast of the #ReutersNEXTAsia, opens new tab summit on July 9 to see how innovation is reshaping the region. ** China's rare earths are flowing again, but not freely ** Trump complains about US-Japan trade talks as Bessent warns of higher tariffs ** Thai Constitutional Court to weigh petition seeking PM's dismissal ** China's factory activity returns to growth in June, Caixin PMI shows India looks poised to become the next big battleground in the booming market for weight-loss drugs, its strong economic growth and rapidly rising rates of obesity drawing the attention of both global pharmaceutical giants and home-grown generics makers. Denmark's Novo Nordisk last week began selling its blockbuster drug Wegovy in India while competitor Eli Lilly introduced an easy-to-use version of its Mounjaro, in what Jefferies predicts could soon grow into a $1 billion market. 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The Guardian
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Reuters
31 minutes ago
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China Communist Party magazine calls for crackdown on price wars
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