Latest news with #AhnDukgeun
Yahoo
01-07-2025
- Business
- Yahoo
South Korea exports rebound on tech boost but US, China shipments extend losses
SEOUL (Reuters) -South Korea's exports rose in June on the back of strong tech demand, after falling in May for the first time in four months, trade data showed on Tuesday, though shipments to the U.S. and China remained weak amid tariff uncertainty. 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. Sign in to access your portfolio
Reuters
01-07-2025
- Business
- Reuters
South Korea exports rebound on tech boost but US, China shipments extend losses
SEOUL, July 1 (Reuters) - South Korea's exports rose in June on the back of strong tech demand, after falling in May for the first time in four months, trade data showed on Tuesday, though shipments to the U.S. and China remained weak amid tariff uncertainty. 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.
Yahoo
01-07-2025
- Business
- Yahoo
South Korea exports rebound on tech boost but US, China shipments extend losses
SEOUL (Reuters) -South Korea's exports rose in June on the back of strong tech demand, after falling in May for the first time in four months, trade data showed on Tuesday, though shipments to the U.S. and China remained weak amid tariff uncertainty. 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.
Yahoo
01-06-2025
- Business
- Yahoo
South Korea exports fall as tariffs hit US, China shipments
SEOUL (Reuters) -South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump's sweeping tariffs. Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday. "Declines in exports to both the United States and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun. The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats. The May decline, however, was milder than the 2.7% fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0%. China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action. He also said he would double global tariffs on steel and aluminium to 50%. Trump's "reciprocal tariffs", including 25% duties on South Korea, are on a 90-day pause for negotiations. South Korea's May shipments to the United States fell 8.1% and those to China fell 8.4%. Exports to the European Union rose 4.0%, those to Southeast Asian countries fell 1.3%, while those to Taiwan surged 49.6%. Exports of semiconductors jumped 21.2%, thanks to robust demand for advanced memory chips, but car exports fell 4.4% due to U.S. tariffs and production at Hyundai Motor's new factory in the U.S. state of Georgia, according to the ministry. South Korea's imports fell 5.3% to $50.33 billion, bringing the monthly trade balance to a surplus of $6.94 billion, the biggest since June 2024.
Reuters
01-06-2025
- Business
- Reuters
South Korea exports fall as tariffs hit US, China shipments
SEOUL, June 1 (Reuters) - South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump'ssweeping tariffs. Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday. "Declines in exports to both the United States and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun. The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats. The May decline, however, was milder than the 2.7% fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0%. China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action. He also said he would double global tariffs on steel and aluminium to 50%. Trump's "reciprocal tariffs", including 25% duties on South Korea, are on a 90-day pause for negotiations. South Korea's May shipments to the United States fell 8.1% and those to China fell 8.4%. Exports to the European Union rose 4.0%, those to Southeast Asian countries fell 1.3%, while those to Taiwan surged 49.6%. Exports of semiconductors jumped 21.2%, thanks to robust demand for advanced memory chips, but car exports fell 4.4% due to U.S. tariffs and production at Hyundai Motor's ( opens new tab new factory in the U.S. state of Georgia, according to the ministry. South Korea's imports fell 5.3% to $50.33 billion, bringing the monthly trade balance to a surplus of $6.94 billion, the biggest since June 2024.
