South Korea Export Growth Below Forecasts

Exports from South Korea grew 1.3% year-on-year to USD 58.4 billion in August 2025, easing from a downwardly revised 5.8% rise in the previous month and falling short of market forecasts for a 3% increase, according to preliminary data.

The weaker growth was partly due to the impact of new US tariffs, with shipments to the US falling 12% year-on-year.

This marked the third consecutive month of export growth, though it was the softest pace in the sequence, mainly supported by strong semiconductor shipments.

Semiconductor exports — the country’s main export item — surged 27.1% yoy to a record high of USD 15.1 billion.

Exports of cars rose 8.6%, while ship exports climbed 11.8%.

Among major trading partners, exports increased to Taiwan (up 39.3%), the ASEAN region (11.9%), and the Middle East (1%).

By contrast, exports to China — South Korea’s largest trading partner — declined by 2.9%.

At the end of July, the US announced a deal to impose a 15% tariff on South Korean goods.