As a result of the tariff negotiations prompted by the second summit meeting between South Korea and the United States, the U.S. tariff on Korean imported cars will be reduced from the current 25% to 15%, aligning with the rate applied to Japan and the European Union (EU). This change comes seven months after the U.S. imposed a 25% tariff on imported cars on April 3. It has been 92 days since the follow-up discussions on the Korea-U.S. tariff negotiations began. The photo shows export vehicles parked at Pyeongtaek Port in Pyeongtaek City, Pyeongtaek-eup, on October 30. / News1
The Korea Customs Service announced on the 10th that exports from the 1st to the 10th of this month amounted to $15.8 billion, a 6.4% increase compared to the same period last year. During the same period, imports increased by 8.2% to $17.0 billion. Consequently, the trade balance recorded a deficit of $1.2 billion.
By product category, semiconductor exports increased by 17.7% compared to the same period last year, leading the growth trend. Exports of passenger cars (16.2%) and ships (8.7%) also increased compared to the same period last year. However, exports of petroleum products and wireless communication devices decreased by 21.1% each.
Regionally, exports to major markets such as China (11.9%), the United States (11.6%), and the European Union (10.0%) increased compared to the same period last year. During the same period, exports to Vietnam and Japan decreased by more than 11% each.
In terms of imports, there was a 59.2% surge in semiconductor manufacturing equipment compared to the same period last year. Imports of machinery (20.1%) and semiconductors (16.1%) also increased, while imports of crude oil and gas decreased by 20.1% and 50.3%, respectively.