[SEOUL] South Korea’s exports rose in June on the back of strong tech demand, after falling in May for the first time in four months, trade data showed on Tuesday, though shipments to the US and China remained weak amid tariff uncertainty.
Exports from Asia’s fourth-largest economy, an early bellwether for global trade, rose 4.3 per cent from the same month last year to US$59.80 billion, marginally weaker than the median 4.7 per cent rise tipped in a Reuters poll of economists.
In May, exports dipped 1.3 per cent, as shipments to the US and China dropped more than 8 per cent each on downward pressure from US President Donald Trump’s tariff threats.
Shipments to the US fell 0.5 per cent last month, extending losses for a third consecutive month, while those to China were also down for a second month, dropping 2.7 per cent. Exports to the European Union rose 14.7 per cent, while those to South-east Asian countries gained 2.1 per cent.
“Volatility in US tariff policy and economic recovery uncertainty are expected to persist in the second half,” South Korean Industry and Trade Minister Ahn Duk Geun said, promising an all-out response to US tariffs.
South Korea will seek an extension to the 90-day pause in US tariffs that is set to expire next week, as negotiations are likely to continue past the deadline set between Seoul and Washington, a senior South Korean trade official said on Monday.
Exports of semiconductors extended gains for a fourth straight month by rising 11.6 per cent, but it was the slowest in the streak.
Automobiles rose 2.3 per cent, as robust electric-vehicle demand in Europe offset losses in US sales, according to the ministry.
Imports rose 3.3 per cent to US$50.72 billion, bringing the monthly trade balance to a surplus of US$9.08 billion, the biggest since September 2018. REUTERS
