Exports dropped more than two percent in the first 20 days of May due to the impact of U.S. tariffs. 

According to preliminary data from the Korea Customs Service on Wednesday, the country’s outbound shipments reached 32 billion U.S. dollars during the cited period, down two-point-four percent from a year earlier.

Average daily exports also fell two-point-four percent, with the number of working days the same as last year at 12-and-a-half.  

Eight of the nation’s ten major export items posted declines, led by automobiles which fell six-point-three percent during the 20-day period. Semiconductors shipments were among the few sectors that saw gains, rising 17-point-three percent in the same period.

Exports to the United States slipped 14-point-six percent, while shipments to Vietnam increased three percent. 

Imports fell two-point-five percent year-on-year to 32-point-two billion dollars, resulting in a trade deficit of 300 million dollars.