The effects of new customs from US President Donald Trump are beginning to be felt around the world, according to preliminary South Korea’s trade data. Data disclosure is when the Seoul government prepares to start negotiations with Washington this week, over the 25% mutual ticket price over South Korea. The action was canceled for 90 days.
Exports of Asia’s fourth largest economy fell 5.2% during the first 20 days of April this year compared to the same period last year, according to information from South Korea’s customs, released on Monday, before complete monthly trade figures, which will be released next week. Imports fell 12%, which led to a commercial deficit, showed the preliminary figures.
Also read:
South Korea’s early indicators, which signal health in global trade, indicate that US tariffs are starting to damage international trade, with its now meaning in the country and elsewhere, said my JOO Kang, senior economist at Dutch Bank Ing, in a statement. “We evaluated that the Customs War between the United States and China affects Asia Export trends in general,” Kang said.
While South Korean exports to Europe continued to grow during the first weeks of April, exports to the US and China decreased.
According to the data, the South Korean exports of car and car parts fell between 1 and 20 April 6.5% and 1.7%, respectively, compared with the previous year. Trump has been introducing customs on imported vehicles since the beginning of April. Semapary transport still maintained its growth, but the petrochemicals fell.
Continues after advertising
Finance Minister Choi Sang-Mok, and Trade Minister Ahn Duk-Geun, will meet with US Finance Minister Secretary Scott Bessent, and commercial representative Jamieson Greer on Thursday to seek a mutually advantageous solution to the customs issue, says the South Korean Ministry of Commerce.