Washing machine exports on decline with more blows expected from US safeguard

South Korea's washing machine exports have nearly halved over the past five years, customs data showed Tuesday, with more declines likely from new US safeguard measures.

Last year's tally from the Korea Customs Service said washer exports last year amounted to US$118.6 million, down $4.56 million from the previous year. Shipments of the home appliance have been dropping for eight years after peaking at $392.4 million in 2009. Figures comparing the last five years show that last year's exports were about half of the $209.59 million in 2012.

Imports, however, jumped more than 40 percent from 2016 to $50.15 million last year, spurred by offshore relocation of production plans and cheap products from China, the data showed.

(Yonhap)

Industry watchers fear that the exports decline may well become steeper from new tariffs in the US, a market that in recent years helped cushion the slump. US President Donald Trump last week signed safeguard measures against washing machines from South Korea to impose a 20 percent tariff on 1.2 million units of imports from the Asian trade partner. Washers exceeding the quota will be levied a 50 percent tariff.

Exports to the US had slipped to as low as $6.16 million in 2015 but bounced back to $23.4 million in 2016 and to $43.02 million last year. (Yonhap)