Vice Minister Moon of the Ministry of Trade, Industry and Energy said on the 22nd, "To minimize the negative impact on our export corporations, we will actively pursue export support measures such as exploring alternative markets and expanding trade finance."
Vice Minister Moon noted at the export trend inspection meeting held that afternoon, "Our export corporations are facing significant uncertainty ahead of the tariff measures imposed by the U.S. on the 1st of next month," adding, "We will make every effort to ensure that tariff negotiations can conclude smoothly to maximize national interests."
He urged those in charge by industry and staff from related organizations to "communicate closely with export corporations, monitor challenges in real time, and concentrate all available resources to swiftly resolve difficulties."
Vice Minister Moon reviewed the export trends and risks for key items at the meeting. From the 1st to the 20th of this month, exports amounted to $36.1 billion, a decrease of 2.2% compared to the same period last year. Looking at major export items, exports of semiconductors, passenger cars, and ships increased, while exports of steel, petroleum products, and petrochemicals decreased.
Semiconductor exports continued a positive trend for five consecutive months as demand for high-value memory products such as HBM and DDR5 remained robust, and memory prices also increased. Passenger car exports saw a slight increase due to the base effect from last year's strikes.
In contrast, steel exports decreased due to the slowdown in demand industries like tariffs and construction, while the decline in petroleum products and petrochemicals was influenced by falling product prices due to low oil prices.