A survey finds that South Korean exporters expect to see a nearly five percent decrease in exports this year due to the impact of U.S. tariffs.

According to the survey, commissioned by the Federation of Korean Industries and conducted by Mono Research, 150 export-oriented firms that offered responses among the country’s top one-thousand companies by sales predicted that their exports will decrease an average of four-point-nine percent this year if the U.S. tariff policy continues. 

Companies that produce electrical and electronics items foresaw the steepest declines in exports, predicting an average drop of eight-point-three percent, while the expected decrease for automobile and auto parts companies averaged seven-point-nine percent.

Yet despite the U.S. tariffs, shipbuilders said they expected to increase their U.S. exports by ten percent on average, and pharmaceutical companies projected a one-point-six percent increase in exports to the U.S.

More than 81 percent of the respondents said the U.S. tariff policy will negatively impact businesses in both countries, while 14-point-seven percent said it will harm South Korean companies but benefit U.S. firms.