In early May, exports to the United States fell by 30.4% compared to the same period last year. The significant decrease in passenger car exports appears to be influenced by the tariffs imposed by the Trump administration.
According to the Korea Customs Service on the 12th, exports to the United States from May 1 to 10 this year amounted to $1.992 billion, a decrease of 30.4% compared to the same period last year. In particular, it is analyzed that the item-specific tariffs (25%) of the Donald Trump administration have had an impact, including the decrease in passenger car exports.
Even considering that the number of working days in early May decreased by 1.5 days compared to the same period last year, the drop in exports to the United States is significant. The average daily export amount to the United States decreased by 9.54%. The export amount to the United States during the same period last year (May 1-10) was $440.46 million, but it decreased to $398.4 million for the same period this year.
From the 1st to the 10th of this month, total global exports also decreased by 23.8% compared to the same period last year, recording $12.8 billion. The trade balance recorded a deficit of $1.7 billion.
The average daily export amount adjusted for the number of working days was $2.57 billion, a decrease of 1% compared to the same period last year. The number of working days from May 1 to 10 this year was 5 days, which is 1.5 days less than the 6.5 days during the same period last year.
Exports this year have shown an irregular flow. In January, exports decreased due to the Lunar New Year holiday, interrupting a 15-month streak of increases. From February to April, exports turned back to an increasing trend. However, in early May, it returned to a decreasing trend.
Looking at exports by item based on the period from the 1st to the 10th, semiconductors increased by 14% compared to the same period last year, but exports of passenger cars (-23.2%), petroleum (-36.2%), and ships (-8.7%) decreased.
By country, exports to Taiwan (14.2%) increased, but exports to major countries, including China (-20.1%), the United States (-30.4%), Vietnam (-14.5%), and the European Union (-38.1%), all decreased. Exports to the top three countries—China, the United States, and Vietnam—accounted for 48.7%.
U.S. President Donald Trump currently imposes a 25% tariff on automobiles, steel, and aluminum. Tariffs on lumber and semiconductors have not yet been announced, and mutual tariffs are expected to take effect from July 9.
Kim Ki-dong, the Director of Information and Data Policy at the Korea Customs Service, noted that "exports to the United States are determined to have significantly decreased due to the drop in passenger car exports," adding that "the number of working days at the beginning of this month was only 5 days, causing a decrease in exports from most countries."
Meanwhile, the import amount for the 1st to 10th was $14.6 billion, a decrease of 15.9% compared to the same period last year. Imports of semiconductor manufacturing equipment (10.6%) and passenger cars (22.1%) increased, while imports of crude oil (-6.1%) and semiconductors (-8.2%) decreased.
By country, imports from Vietnam (14.5%) increased, while imports from China (-16.8%), the United States (-20%), the European Union (-21.1%), and Taiwan (-12.7%) decreased.