April 20, 2024

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South Korea’s exports suffered the most in the first quarter among the world‘s 20 biggest economies over an escalation of the trade feud between the United States and China, a report showed on June 3.

The nation’s exports contracted 7.1 percent on quarter in the first three months, compared with an average 0.4 percent rise of G-20 economies, showed the report by the Organization for Economic Cooperation and Development. 

Brazil’s exports declined 6.4 percent on quarter in the January-March period, followed by a 4.4-percent fall by Russia, a 4.3-percent decline in Indonesian exports and a 2.3-percent decrease in Japanese exports, according to the report.

“Through closely integrated supply chains, international trade in other Asian economies has also been impacted by rising US-China trade tensions,” the report said.

US exports rose 0.7 percent on quarter in the first quarter and China saw its exports grow 3.9 percent in the quarter.

Compared with the third quarter of last year, when the first round of new tariff measures affecting US-China trade came into effect, exports by G-20 economies were down 0.8 percent in the first quarter, the report showed.

Fears of an expanding trade dispute rose last week as US President Donald Trump threatened to levy tariffs on Mexican goods, while China showed its willingness to retaliate against US moves.

Korea’s exports dipped 9.7 percent on year to $45.9 billion in May, extending their slump for the sixth consecutive month.

By Ram Garikipati and newswires (ram@heraldcorp.com)