Home > Business > Economy

Exports down 4.3% during first 10 days of August on U.S. tariff measures

Published: 11 Aug. 2025, 13:54 Updated: 11 Aug. 2025, 15:42

Containers are piled up at a port in Pyeongtaek, Gyeonggi, on Aug. 7. [NEWS1]

Korea's exports dropped 4.3 percent from a year earlier in the first 10 days of this month, data showed Monday, due in part to sluggish shipments to the United States on an escalating tariff scheme.

Outbound shipments reached $14.7 billion in the Aug. 1 to 10 period, compared with $15.4 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports shed 13.6 percent on-year to $15.9 billion during the period, resulting in a trade deficit of $1.2 billion.

Despite the overall decline, the daily average volume of exports increased 9.3 percent over the cited period. The number of working days during this period stood at seven, compared with eight days last year.

By destination, exports to China, Korea's top trading partner, went down 10 percent on-year to $2.88 billion.

Exports to the United States fell 14.2 percent on-year to $2.07 billion amid tariff measures by President Donald Trump's administration.

The customs agency said it may take time to assess whether shipments to the United States will improve following a last-minute tariff agreement reached in late July. Under the deal, Washington agreed to reduce the initially proposed 25 percent tariff on Korean imports to 15 percent in return for Korea's $350 billion investment in the United States.

The agency further said considering the reciprocal tariff rate of 15 percent only took effect last Thursday, the Aug. 1 to 10 data was not directly affected by the new tariff agreement.

"In fact, some exporters may have rushed shipments before the tariff measures took effect, contributing to the increase in daily average exports," an agency official said.

By item, exports of semiconductors surged 12 percent from a year earlier to $3.89 billion. Chip exports accounted for 26.5 percent of the country's total exports over the cited period, up 3.9 percentage points from the same period last year.

Automobile exports gained 8.5 percent on-year to $950 million, while shipments of vessels skyrocketed 81.3 percent to $1.12 billion.

In contrast, outbound shipments of steel products fell 18.8 percent to $863 million, while those of petrochemical products shed 19.4 percent to $1.22 billion.

In July, exports rose 5.9 percent from a year earlier to $60.8 billion on the back of robust global demand for semiconductors, despite the U.S. tariff scheme.

Yonhap