International News 22 April 2025
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South Korea's exports fall 5.2% in early April, hit by US tariffs
South Korea's exports experienced a 5.2% decrease in the initial 20 days of April when compared with the same period last year. This decline can be attributed to a decrease in shipments to the United States. President Trump's import tariff policy has had a significant impact on exports to the US, with an overall decrease of 14.3% in this period. Furthermore, due to the ongoing trade disputes between China and the US, exports to China have also declined by 3.4%. Conversely, exports to the European Union have shown a notable increase of 13.8%. Car exports saw a 6.5% decrease, while vehicle parts exports fell by 1.7%. However, semiconductor exports have shown positive growth of 10.7%. This decline in exports to the US exerts pressure on South Korea's economy, which is heavily reliant on global trade, and underscores the uncertainty arising from protectionist trade policies.
In the face of Trump's tariffs, Asian countries are rushing to buy US oil and gas
In an effort to address the tariff pressure from US President Donald Trump and balance their trade surplus with the United States, several Asian countries are planning to increase their purchases of oil and gas from the US. Indonesia is aiming to propose an increase in the imports of crude oil and liquefied petroleum gas (LPG) from the US by approximately $10 billion as part of the ongoing tariff negotiations. The Ministry of Energy and Mineral Resources has recommended increasing the import quota of LPG from the US, as well as purchasing more US crude oil. In addition, Pakistan is exploring the possibility of importing crude oil from the US for the first time, with a view to reducing its trade deficit. The country is planning to purchase US oil at the same price as in the US. These initiatives are indicative of Asian countries' efforts to diversify their energy imports and strengthen trade relations with the US.
Oil prices slump, Russia cuts 2025 Brent forecast to US$68 per barrel
Russia's Economy Ministry has revised its projections for average Brent oil prices in 2025, indicating a downward adjustment. The new projection is now set at $68 per barrel, which is almost 17% lower than the previous forecast of $81.7 per barrel. The ministry has also revised its projection for the price of Urals crude, the country's main oil play, to $56 per barrel, down from the previous assumption of $69.7 per barrel in the 2025 state budget. The ministry has stated that this revised projection is quite conservative. The Urals region is of significant importance to Russia, as it accounts for one-third of the country's total revenue, with the oil and gas sector contributing substantially to this figure. The central bank has also warned that global oil prices could remain low in the coming years due to weakening global demand.