Amidst the tariff storm initiated by U.S. President Trump, exports at the beginning of this month have decreased by more than 20%.
According to the Korea Customs Service, exports from the 1st to the 10th of this month totaled $12.8 billion, a 23.8% decrease compared to the same period last year.
When considering only the days worked, the average daily export value was $2.57 billion, which is a 1% decrease from the previous year.
By product category, semiconductor exports increased by 14%, while passenger car exports, hit by U.S. tariffs, dropped by 23.2%, and steel exports plummeted by 41.2%.
Exports of petroleum products, another major export item, also decreased by 36.2%.
Exports to the two major markets, China and the United States, fell significantly by 20.1% and 30.4%, respectively.
Imports at the beginning of this month amounted to $14.6 billion, a 15.9% decrease from a year ago, with a trade deficit of $1.7 billion recorded.
While exports tend to increase towards the end of the month, monthly exports have shown an upward trend for three consecutive months up to last month.
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