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The South Korean won strengthened to above 1,375 per dollar on Monday, recovering losses from the previous session, supported by a softer greenback amid renewed trade tensions. The dollar weakened after President Donald Trump announced on Friday that the US will double tariffs on steel imports to 50% starting June 4. Meanwhile, China accused the US of breaching the trade truce agreed in May, pledging “strong and resolute measures.” Domestically, South Korea's manufacturing sector remained in contraction for the fourth consecutive month, adding to signs of a slowing economy. This follows the Bank of Korea’s reduction of its 2025 GDP growth forecast to a soft 0.8% from 1.5%, citing delayed domestic demand recovery and slowing outbound shipments due to US tariffs. The weak data and lower projections support expectations of further easing from the central bank. Meanwhile, investors now await key inflation data due Wednesday for further insights into the monetary policy outlook.

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The South Korean won strengthened to above 1,375 per dollar on Monday, recovering losses from the previous session, supported by a softer greenback amid renewed trade tensions. The dollar weakened after President Donald Trump announced on Friday that the US will double tariffs on steel imports to 50% starting June 4. Meanwhile, China accused the US of breaching the trade truce agreed in May, pledging “strong and resolute measures.” Domestically, South Korea's manufacturing sector remained in contraction for the fourth consecutive month, adding to signs of a slowing economy. This follows the Bank of Korea’s reduction of its 2025 GDP growth forecast to a soft 0.8% from 1.5%, citing delayed domestic demand recovery and slowing outbound shipments due to US tariffs. The weak data and lower projections support expectations of further easing from the central bank. Meanwhile, investors now await key inflation data due Wednesday for further insights into the monetary policy outlook.

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The benchmark KOSPI fell 0.2% to around 2,690 points in midday trading on Monday, extending losses from the previous session as markets continued to assess ongoing global trade tensions. Last week, President Donald Trump announced plans to double tariffs on steel imports to 50% starting June 4, while China accused the US of violating the May trade truce. Domestically, investors assessed a raft of economic data, with South Korea’s trade surplus rose to USD 6.94 billion in May 2025, the largest surplus since June 2024, as exports fell 1.3% while imports declined more sharply by 5.3%. Meanwhile, the manufacturing sector remained in contraction for the fourth straight month. In the corporate sector, notable losses were seen in automakers and financials, including KB Financial Group (-3.6%), Shinhan Financial Group (-4%), Kia Corporation (-1%), and Hyundai Motor (-8%). These were partially offset by gains in chipmakers such as Samsung Electronics (+0.8%) and SK Hynix (+1.2%).

标准普尔全球韩国制造业采购经理人指数从4月份的47.5微升至2025年5月的47.7，连续第四个月处于收缩区间。产量和新订单均以更快的速度下降，新订单以2020年6月以来的最大速度下降。出口需求也减弱，而采购活动和积压工作继续减少。受访者表示，国内经济环境充满挑战和全球贸易政策的不确定性是影响需求的关键因素。尽管整体经济低迷，但仍有一些令人鼓舞的迹象。受未来一年市场情绪改善的支撑，制造商七个月来首次增加了员工人数。许多公司表示乐观，认为全球贸易紧张局势将得到缓解，国内形势将趋于稳定。在成本方面，投入价格通胀进一步放缓，5月份投入成本出现2024年10月以来最温和的增长。

The S&P Global South Korea Manufacturing PMI rose slightly to 47.7 in May 2025 from 47.5 in April, remaining in contraction territory for the fourth straight month. Output and new orders both declined at a faster pace, with new orders falling at the steepest rate since June 2020. Export demand also weakened, while purchasing activity and backlogs of work continued to shrink. Survey respondents cited a challenging domestic economic environment and uncertainty around global trade policies as key factors weighing on demand. Despite the overall downturn, there were some encouraging signs. Manufacturers increased staffing levels for the first time in seven months, supported by improving sentiment about the year ahead. Many firms expressed optimism that global trade tensions would ease and domestic conditions would stabilize. On the cost front, input price inflation moderated further, with May seeing the softest increase in input costs since October 2024.