What’s Behind South Korea's 10.6% Drop in Daily Exports in September?
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Synopsis
South Korea's exports have shown a year-on-year increase, but daily figures reveal significant declines due to U.S. tariffs. Discover the implications of these changes and what they mean for the economy. Are these tariffs impacting more than just numbers?
Key Takeaways
- Exports rose 13.5% in early September.
- Daily exports fell by 10.6% due to U.S. tariffs.
- Trade surplus totaled $1.9 billion.
- Semiconductors saw a 27% increase in exports.
- U.S. tariffs are impacting trade dynamics significantly.
Seoul, Sep 22 (NationPress) In the first 20 days of September, South Korea saw a 13.5% increase in exports compared to the same time last year. However, daily exports plummeted by more than 10% due to the recent tariff measures implemented by the United States, as reported on Monday.
During this period, outbound shipments totaled $40.12 billion, up from $35.36 billion in the same timeframe last year, according to data from the Korea Customs Service, as reported by Yonhap news agency.
Imports also rose by 9.9% year-on-year to $38.22 billion, leading to a trade surplus of $1.9 billion.
Despite the overall growth, the daily average export volume fell by 10.6% year-on-year to $2.43 billion, attributed to having 3.5 more working days compared to the previous year's 13 days.
Analyzing the export items, semiconductor exports surged by 27% from the previous year, reaching $9.49 billion, making up 23.7% of the total exports for this period, an increase of 2.5 percentage points from last year.
Automobile exports also saw an increase of 14.9% year-on-year to $3.42 billion, while vessel shipments soared by 46.1% to $1.51 billion.
Steel exports rose by 7.1% to $2.53 billion, but there was a 4.5% decline in chemical product exports, totaling $2.68 billion.
Regarding export destinations, shipments to China, South Korea's largest trading partner, increased by 1.6% year-on-year to $7.77 billion.
Exports to the U.S. also grew by 6.1% year-on-year to $6.55 billion, although the daily average declined by 16.4% due to the aggressive tariff strategies of President Donald Trump.
In July, a framework agreement was established between Seoul and Washington to reduce the U.S. tariffs on Korean goods from 25% to 15%.
In exchange, South Korea pledged to invest $350 billion in the U.S. and made additional commitments. Ongoing discussions are in place to finalize the specifics.
In August, exports, a crucial driver of the nation's economy, grew by 1.3% year-on-year to $58.4 billion, bolstered by strong semiconductor demand.
Point of View
It is crucial to present a balanced view amidst the fluctuations in South Korea's trade. The data indicates both growth and challenges in the export landscape due to external pressures like U.S. tariffs. Understanding these dynamics is essential for stakeholders and consumers alike.
NationPress
22/09/2025
Frequently Asked Questions
How much did South Korea's exports increase in September?
Exports expanded by 13.5% year-on-year in the first 20 days of September.
What caused the decline in daily exports?
The decline of 10.6% in daily exports is attributed to the new tariff measures imposed by the United States.
What was the trade surplus for South Korea during this period?
The trade surplus was $1.9 billion during the first 20 days of September.
Which sector saw the highest growth in exports?
The semiconductor sector experienced the highest growth, with exports rising 27% to $9.49 billion.
What agreement was reached between South Korea and the U.S. regarding tariffs?
An agreement was made to lower U.S. tariffs on Korean goods from 25% to 15% in exchange for a $350 billion investment in the U.S.
