Seoul: South Korea’s outbound shipments fell 10.3 percent from a year earlier to $49.1 billion in January, with petroleum products experiencing the most significant drop of 29.8 percent among 15 major sectors. The circumstances surrounding South Korea’s exports have continued to deteriorate this month due to decreasing prices of semiconductors and petroleum products, along with a global shift towards protectionism, according to the South Korean industry ministry.

According to Oman News Agency, First Vice Industry Minister Park Sung-taek stated that the external circumstances for exports are challenging due to the decline in prices of major export products, including semiconductors and petroleum products, coupled with sluggish global demand in February. Park highlighted the rapid expansion of protectionist trade policies worldwide, as major economies respond to the new US administration’s trade policies, including tariffs.

Park also mentioned that the industry ministry will quickly implement support measures for export industries, which were developed by the government earlier this week, to reduce uncertainties for local businesses. Additionally, the ministry is preparing further response measures to address the tariff plans of the Donald Trump administration.