SEOUL, June 01 (Reuters): South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by US President Donald Trump'ssweeping tariffs.
Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3 per cent from the same month last year to $57.27 billion, government data showed on Sunday.
"Declines in exports to both the United States and China, the two biggest markets, suggest US tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun.
The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats.
The May decline, however, was milder than the 2.7 per cent fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0 per cent.
China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action. He also said he would double global tariffs on steel and aluminium to 50 per cent.
Trump's "reciprocal tariffs", including 25 per cent duties on South Korea, are on a 90-day pause for negotiations.
South Korea's May shipments to the United States fell 8.1 per cent and those to China fell 8.4 per cent. Exports to the European Union rose 4.0 per cent, those to Southeast Asian countries fell 1.3 per cent, while those to Taiwan surged 49.6 per cent.
Exports of semiconductors jumped 21.2 per cent, thanks to robust demand for advanced memory chips, but car exports fell 4.4 per cent due to US tariffs and production at Hyundai Motor's new factory in the US state of Georgia, according to the ministry.
South Korea's imports fell 5.3 per cent to $50.33 billion, bringing the monthly trade balance to a surplus of $6.94 billion, the biggest since June 2024.
