Latest news with #KoreaInternationalTradeAssociation
Korea Herald
11-07-2025
- Business
- Korea Herald
Potential S. Korea-US shipbuilding cooperation tied to Washington's China containment policy: official
The United States has made South Korea's participation in its containment policy against China a prerequisite for bilateral cooperation in the shipbuilding sector, one of the key items in the two countries' ongoing trade negotiations, a Seoul official said Friday. "The shipbuilding industry is one of the most notable areas where the US seeks cooperation with South Korea in terms of checking China," Chang Sung-gil, director general for trade policy at the Ministry of Trade, Industry and Energy, said in a parliamentary forum on Seoul's negotiation strategy on tariff talks with the Donald Trump administration. "Washington views China's shipbuilding industry as a growing threat and is regarding South Korea as a strategic partner to defend the American industry," he added. "The prerequisite for the shipbuilding cooperation is South Korea's participation in Washington's efforts to contain China." Chang's remarks came as Seoul has been holding talks with the Trump administration on tariffs, non-tariff measures, industrial cooperation and other trade issues in a bid to get a full exemption or reductions in US reciprocal tariffs and sectoral duties on imported cars, steel and other products. This week, Korean Trade Minister Yeo Han-koo visited Washington to hold trade talks with US Trade Representative (USTR) Jamieson Greer, Commerce Secretary Howard Lutnick and other officials in the US government and congress. Upon his return home Thursday, Yeo told reporters he had proposed bilateral cooperation in manufacturing, particularly in the shipbuilding and semiconductor sectors, as a possible way to decrease South Korea's trade surplus with the US Yeo's visit took place as the Seoul government enters the final three weeks of ongoing trade negotiations, after the Donald Trump administration said it would impose 25 percent reciprocal tariffs on Korean products beginning Aug. 1. Chang said the South Korean government was working to create a strategy on what kind of shipbuilding partnership it will forge with the US and how South Korean companies can get favorable treatment under the US bill aimed at fostering the growth of the American shipbuilding industry. Regarding the auto industry, already hit by 25 percent tariffs, Chang said the Trump administration called for measures to reduce South Korea's trade surplus with US in the auto sector in order for Seoul to get lower tariff rates, noting that Washington views this matter "seriously." Last year, South Korea's trade surplus with the US in the automotive sector came to $32 billion, according to data compiled by the Korea International Trade Association. "The US administration's baseline stance is we should invest more in the US and buy more American goods, including agricultural products and energy," Chang said. (Yonhap)
Korea Herald
11-07-2025
- Business
- Korea Herald
Korean exporters urge bold policy shift in response to US tariffs
South Korea's trade sector has identified strategic trade policy as the top priority for the new government, particularly in response to growing risks such as US tariffs, a survey showed Friday. According to a report released by the Korea International Trade Association, 20.7 percent of 416 trade industry professionals surveyed on June 10-11 selected the implementation of a strategic trade policy — aimed at maximizing national interest and strengthening industrial competitiveness — as the most urgent economic and trade agenda for the new administration. Closely following were diversification of export items and markets (20.3 percent) and support for turning domestic small and medium-sized enterprises (SMEs) into export-oriented companies (18.1 percent). Among specific tasks under strategic trade policy, the most frequently cited was an active response to tariff risks posed by the United States. 'The trade sector hopes the new administration will establish a stable trade environment, diversify technology-driven exports, and help SMEs shift toward export-led growth,' said Jung Hee-chul, executive director of KITA's trade promotion division. 'We look forward to bold export policies that can overcome US-led tariff risks and rising protectionism to upgrade Korea's export momentum.' KITA noted that uncertainty in global trade has intensified in recent years, particularly due to tariffs imposed by the Trump administration on key Korean exports such as steel and automobiles. Companies are seeking fairer export conditions to remain competitive globally, the association said. Other key demands included expanding and upgrading free trade agreements, as well as strengthening coordination between the government and the private sector in trade negotiations. For export diversification, respondents emphasized the importance of supporting high-potential sectors such as secondary batteries and biohealth, as well as expanding exports of consumer goods such as cosmetics and food. Without diversification of export items, efforts to expand into new markets will face limitations, especially amid rising global protectionism, KITA added. Other priorities cited included fostering AI-powered export industries (9.5 percent), enhancing trade security enforcement (7.5 percent), and improving logistics security through increased use of Korea-flagged vessels (7 percent). The export outlook for 2025 remains pessimistic. About 43.3 percent of respondents expect exports to decline by more than 5 percent this year, while 38.9 percent anticipate no major change and only 17.8 percent foresee growth. About 71.1 percent of respondents said they believe an export recovery will not begin until next year or later.
Asia News Network
01-07-2025
- Automotive
- Asia News Network
Tariffs, global slump cloud South Korea's Q3 export outlook
July 1, 2025 SEOUL – South Korea's export growth is projected to slow in the third quarter, weighed down by major headwinds including Trump-led tariff policies and a sluggish global economy, according to a local trade agency on Monday. With US President Donald Trump showing no signs of rolling back hefty tariffs during a Sunday interview, industry sentiment is expected to dampen further, observers say. The Korea International Trade Association said its export business survey index of 1,066 exporting companies stood at 96.3 for the July-September period, up from 84.1 in the previous quarter but still below the benchmark 100 level for the third consecutive quarter. A reading below 100 means more companies project conditions to worsen, while a reading above 100 indicates the opposite. KITA said export-oriented companies were feeling the pinch due to ongoing trade tensions from US tariff measures amid weakening global growth and heightened foreign exchange volatility. 'Since the launch of Trump's second administration, global uncertainties have expanded, coupled with a slowdown in major economies, causing the business sentiment among Korean exporters to freeze up,' said Yang Ji-won, senior researcher at KITA. 'Uncertainties are increasing not only for items directly affected by tariffs, such as home appliances and automobiles, but also for strategic items like semiconductors, making this a critical time for proactive measures and market diversification efforts.' Among the 15 major sectors surveyed, home appliances showed the worst outlook with an EBSI of 52.7, marking its third consecutive quarter in the 50s. The grim figure follows the Trump administration's decision to expand steel tariffs of 50 percent to include steel-derived goods, including washing machines, refrigerators and other appliances containing steel on June 23. Auto and auto parts companies are also bracing for fallout, with their EBSI falling to 56.0. The auto industry was hit particularly hard by Trump's April decision to impose 25 percent tariffs on all imported car parts. In contrast, the semiconductor sector showed confidence with an EBSI of 147.1, driven by rising DRAM prices and growing demand for AI chips. The shipbuilding industry also performed strongly at 135.5, buoyed primarily by robust demand for LNG carriers. The report comes as Seoul has been pushing for reduced tariff rates or exemptions as the Trump administration's 90-day pause on country-specific tariffs expires on July 9. Unless a new trade deal is reached, tariffs on Korean goods will jump from the current 10 percent to 25 percent after the deadline. On Sunday, South Korea's new trade envoy Yeo Han-koo returned from tariff negotiations in Washington, the first high-ranking official to visit the US capital since the Lee Jae Myung administration took office on June 4. 'A channel has been established for the new (Korean) government to negotiate with the US side,' Yeo told reporters at Incheon Airport on Sunday. 'I believe that a certain level of trust has been formed to accelerate future negotiations.' During his visit, Yeo met with US Trade Representative Jamieson Greer and Secretary of Commerce Howard Lutnick, as well as with US lawmakers and opinion leaders to garner support for Korea's position. Yeo acknowledged that Seoul's trade negotiations with Washington have been relatively slow compared to other countries. 'We are not in a position to feel assured. Negotiations are fluid, and we will do our best to achieve the strongest outcome possible in the time we have,' he said. Yeo also said the US has expressed interest in Korea's participation in the Alaska LNG project. As for the possibility of the US allowing extensions to the upcoming July 8 reprieve, Yeo said, as the US is in talks with over 20 countries, 'the US situation remains very fluid and all possibilities are open as of now.' But on Sunday, Trump made clear in an interview that he has no plans to offer an extension on the tariff pause. Trump said on Fox News Channel's 'Sunday Morning Futures' that his administration is ready to unilaterally send letters stating the tariff rates. 'But we're going to be sending letters out starting pretty soon,' said Trump. 'We're going to say, 'Congratulations, we are allowing you to shop in the United States of America. You're going to pay a 25 percent tariff, or a 35 percent or a 50 percent or a 10 percent.''
India Gazette
30-06-2025
- Business
- India Gazette
South Korea overtakes US in cosmetics exports, now second globally
ANI 30 Jun 2025, 12:13 GMT+10 New Delhi [India], June 30 (ANI): South Korea's cosmetics exports surpassed those of the United States for the first time this year to take the second position globally, as per the data provided by the Korea International Trade Association, reports Korea Herald. Now, the only country trailing South Korea is 'industry powerhouse France,' according to the exported USD 3.61 billion worth of cosmetics between January and April, narrowly edging out the United States' USD 3.57 billion, according to the Korea International Trade marks Korea's first time overtaking the US in beauty exports, after its exports in the January-March period, which totalled USD 2.58 billion, had lagged behind America's USD 2.72 is the first time that South Korea has overpowered the US in the beauty exports segment. Korea's cosmetics exports have been rising at a blistering the ongoing rise of K-beauty is set to push further into emerging markets in Europe and the Middle East, including Poland, Ireland, Belgium and the United Arab to data from the KITA, exports to Poland from January to May surged 121 per cent to USD 111.8 million, up from USD 50.4 million a year earlier, while exports to the UAE rose 74 per cent to USD 99.3 million from USD 57 million over the same year, Korea's cosmetics exports totalled USD 10.3 billion, outpacing Germany's USD 9.08 billion to become the world's third-largest exporter, behind France and the US. While France and the US recorded growth of 6.3 per cent and 1.1 per cent, respectively, Korea's exports surged by 20.3 per cent to become the number two exporter globally. (ANI)
Korea Herald
30-06-2025
- Automotive
- Korea Herald
Tariffs, global slump cloud Korea's Q3 export outlook
Seoul's chief trade negotiator returns from Washington with cautious optimism as tariff deadline looms South Korea's export growth is projected to slow in the third quarter, weighed down by major headwinds including Trump-led tariff policies and a sluggish global economy, according to a local trade agency on Monday. With US President Donald Trump showing no signs of rolling back hefty tariffs during a Sunday interview, industry sentiment is expected to dampen further, observers say. The Korea International Trade Association said its export business survey index of 1,066 exporting companies stood at 96.3 for the July-September period, up from 84.1 in the previous quarter but still below the benchmark 100 level for the third consecutive quarter. A reading below 100 means more companies project conditions to worsen, while a reading above 100 indicates the opposite. KITA said export-oriented companies were feeling the pinch due to ongoing trade tensions from US tariff measures amid weakening global growth and heightened foreign exchange volatility. 'Since the launch of Trump's second administration, global uncertainties have expanded, coupled with a slowdown in major economies, causing the business sentiment among Korean exporters to freeze up,' said Yang Ji-won, senior researcher at KITA. 'Uncertainties are increasing not only for items directly affected by tariffs, such as home appliances and automobiles, but also for strategic items like semiconductors, making this a critical time for proactive measures and market diversification efforts.' Among the 15 major sectors surveyed, home appliances showed the worst outlook with an EBSI of 52.7, marking its third consecutive quarter in the 50s. The grim figure follows the Trump administration's decision to expand steel tariffs of 50 percent to include steel-derived goods, including washing machines, refrigerators and other appliances containing steel on June 23. Auto and auto parts companies are also bracing for fallout, with their EBSI falling to 56.0. The auto industry was hit particularly hard by Trump's April decision to impose 25 percent tariffs on all imported car parts. In contrast, the semiconductor sector showed confidence with an EBSI of 147.1, driven by rising DRAM prices and growing demand for AI chips. The shipbuilding industry also performed strongly at 135.5, buoyed primarily by robust demand for LNG carriers. The report comes as Seoul has been pushing for reduced tariff rates or exemptions as the Trump administration's 90-day pause on country-specific tariffs expires on July 9. Unless a new trade deal is reached, tariffs on Korean goods will jump from the current 10 percent to 25 percent after the deadline. On Sunday, South Korea's new trade envoy Yeo Han-koo returned from tariff negotiations in Washington, the first high-ranking official to visit the US capital since the Lee Jae Myung administration took office on June 4. 'A channel has been established for the new (Korean) government to negotiate with the US side,' Yeo told reporters at Incheon Airport on Sunday. 'I believe that a certain level of trust has been formed to accelerate future negotiations.' During his visit, Yeo met with US Trade Representative Jamieson Greer and Secretary of Commerce Howard Lutnick, as well as with US lawmakers and opinion leaders to garner support for Korea's position. Yeo acknowledged that Seoul's trade negotiations with Washington have been relatively slow compared to other countries. 'We are not in a position to feel assured. Negotiations are fluid, and we will do our best to achieve the strongest outcome possible in the time we have," he said. Yeo also said the US has expressed interest in Korea's participation in the Alaska LNG project. As for the possibility of the US allowing extensions to the upcoming July 8 reprieve, Yeo said, as the US is in talks with over 20 countries, 'the US situation remains very fluid and all possibilities are open as of now.' But on Sunday, Trump made clear in an interview that he has no plans to offer an extension on the tariff pause. Trump said on Fox News Channel's 'Sunday Morning Futures' that his administration is ready to unilaterally send letters stating the tariff rates. 'But we're going to be sending letters out starting pretty soon,' said Trump. 'We're going to say, 'Congratulations, we are allowing you to shop in the United States of America. You're going to pay a 25 percent tariff, or a 35 percent or a 50 percent or a 10 percent.''
