Korean Exports Rebound 4.3 Percent in June Amid US Tariff Pressure

South Korea’s export sector saw a 4.3% year-on-year rebound in June, offering a momentary boost to its trade-dependent economy ahead of impending US tariff hikes. According to data released by Korean customs on Tuesday, average daily exports rose 6.8%, reflecting adjustments for working days. Imports also increased by 3.3%, resulting in a $9.1 billion trade surplus for the month.

However, looming trade tensions weigh on Korean exporters. Automobiles and steel products face sector-specific tariffs, and if no trade agreement is reached with the US by July 9, tariffs on other goods will surge from 10% to 25%.

A senior Korean trade official admitted Monday that completing negotiations by the deadline is unrealistic, prompting Seoul to seek an extension or tariff exemptions. Meanwhile, former US President Trump reaffirmed over the weekend his intention not to extend negotiation deadlines with any trade partners.