S. Korean govt sees downward pressure after US tariff imposition

SEOUL -- South Korea's finance ministry saw an increased downward pressure on Friday following the US tariff imposition.

The Ministry of Economy and Finance said in its monthly report, called the Green Book, that the Asian economy recently had been under increased downward pressure due to the worsened external conditions, caused by the US tariff imposition.

The South Korean economy was recently faced with a delayed recovery of consumption and construction investment as well as continued employment difficulties, especially for vulnerable groups, the ministry noted.

The ministry added that concerns mounted over the global economy as the tariff imposition deteriorated the trade environment, increased volatility in the global financial market and slowed trade and growth.

Exports grew 3.1 percent in March from a year earlier, while the daily average export gained 5.5 percent in the cited month.

Retail sales, which reflect private consumption, shrank 2.3 percent in February compared to the same month of 2024, and construction investment tumbled 21.0 percent in the same month.

The number of jobs increased 193,000 in March from a year earlier, faster than the growth of 136,000 in the previous month.

Consumer prices advanced 2.1 percent in March on a yearly basis after going up 2.0 percent in the previous month.