Vice minister reiterates efforts to minimize export risks amid US tariff uncertainties
"Our export companies are facing heightened uncertainties ahead of the imposition of US reciprocal tariffs on Aug. 1," First Vice Industry Minister Moon Shin-hak said in a meeting to review export trends.
"During the remaining period, the government will make every effort to smoothly conclude tariff negotiations with the US in a way that maximizes national interest," he added, referring to the Aug. 1 deadline when the US will start imposing 25 percent reciprocal tariffs on South Korean products.
South Korea's exports shrank 2.2 percent from a year earlier to $36.1 billion in the first 20 days of this month, data from the Korea Customs Service showed earlier.
Outbound shipments to the US fell 2.1 percent on-year to $6.42 billion, weighed down by sweeping tariff measures by US President Donald Trump's administration.
By item, steel exports dropped 9.7 percent to $2.39 billion, apparently affected by the administration's 50 percent tariffs on all steel imports.
Exports of petroleum and petrochemical products slid 17.5 percent and 13.9 percent to $2.52 billion and $2.36 billion, respectively, amid a decline in global oil prices.
On the other hand, exports of semiconductors increased 16.5 percent on-year to $7.89 billion, and auto exports expanded 3.9 percent to $3.63 billion.
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