South Korea's Export Price Growth Slows
In April 2025, South Korea experienced a 0.7% year-on-year increase in export prices, marking the 16th consecutive month of growth, albeit a significant slowdown from the 6.3% rise observed in March. The price growth for manufactured goods notably tapered off to 0.6% from March's 6.4%, whereas prices for agricultural, forestry, and marine products saw an accelerated increase of 9.2%, up from the previous month's 7.7%. On a monthly basis, export prices decreased by 1.2%, mainly due to the appreciation of the Korean won, following a 0.4% increase in March. This deceleration occurs amidst mounting external challenges for South Korea, including the imposition of new US tariffs by President Trump, with rates potentially rising to 49% and a preliminary 10% uniform duty already enacted. While the full enforcement of these tariffs has been postponed by 90 days, concerns regarding their implications for South Korea's export-driven economy are mounting. Concurrently, political instability is escalating as the nation anticipates a June 3 snap presidential election, prompted by the removal of President Yoon Suk Yeol following his brief declaration of martial law.
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