South Korean media: Trump's tariff bomb causes -14.3% drop in South Korean exports to the US
Total exports -5.2%
Statistics show that from April 1 to 20, South Korea's exports to the US plunged by 14.3%. Starting this month, the US imposed a 25% auto tariff and a basic tariff of 10% on all countries and goods, triggering a "warning light" for exports to the US. If the April exports to the US finally decline, it will be the first time since May 2020 during the pandemic (down 29.4%) that the monthly decline exceeds 10%.
This year, the US has surpassed China as South Korea's largest export market. However, the sharp decline in exports to the US, coupled with negative growth in exports to major countries such as China and Vietnam, has caused total exports to fall by 5.2%. With weak domestic demand, even exports, which have been the pillar of South Korea's economy, are now experiencing negative growth, intensifying concerns about an economic crisis. Analysts say that the outcome of the South Korea-US tariff negotiations and the newly added taxed categories such as chips may cause exports to fluctuate significantly, and South Korean companies and households need to prepare adequately.
On the 1st, the Korea Customs Service reported that from April 1 to 20, exports to the US fell year-on-year by 14.3%, amounting to only $6.182 billion USD [approximately 8.77 trillion KRW]. The public opinion evaluates that starting in April, the US officially began imposing tariffs, inevitably impacting South Korea's exports.
Source: Chosun Ilbo
Original article: https://www.toutiao.com/article/1830073445911562/
Disclaimer: This article solely represents the author's viewpoint.