South Korea Imports Fall Less than Expected
In April 2025, South Korea experienced a 2.7% decline in imports, reaching USD 53.3 billion, according to preliminary figures. This represents a reversal from the 2.3% increase recorded in March and marks the first decrease since January. The downturn is attributed to rising concerns over escalating trade tensions with the United States, which could potentially disrupt global supply chains and reduce domestic demand. Currently, South Korea is subject to a 10% blanket tariff along with 25% duties on auto and steel exports. Additionally, there is a looming threat of an extra 25% 'reciprocal' tariff if negotiations do not succeed within a 90-day timeframe. Although these measures are mainly directed at exports, the resulting uncertainty seems to be dampening import demand. Nevertheless, the decline was less severe than the market's anticipated 6.9% drop.
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