周五，韩元兑美元汇率跌至1400左右，在美国贸易行动和国内税收改革担忧的压力下徘徊在11周低点以上。在特朗普总统重申10%的全球基准关税和高达41%的非贸易伙伴关税后，美元保持坚挺，加剧了贸易紧张局势，并促使避险资金流入美元。在国内，市场情绪受到政府计划取消最近减税政策的影响，这引发了人们对其市场改革承诺和解决韩国折扣问题的怀疑。与此同时，7月份的制造业采购经理人指数从6月份的48.7降至48.0，标志着连续第六个月出现收缩，并预示着随着产出和新订单的下降，经营状况将进一步恶化。企业还表示，美国关税风险带来的不确定性日益增加。尽管出口在半导体需求强劲的带动下增长了5.9%，强于预期，但对更广泛的工业复苏的担忧使其黯然失色。

The South Korean won weakened to around 1,400 per dollar on Friday, hovering at over eleven-week lows amid pressure from US trade actions and domestic tax reform concerns. The dollar held firm after President Trump reaffirmed a 10% baseline global tariff and up to 41% on non-trade partners, heightening trade tensions and prompting safe-haven flows into the greenback. Domestically, sentiment was weighed by the government’s plan to roll back recent tax cuts, raising doubts over its commitment to market reforms and efforts to address the Korea Discount. Meanwhile, July’s manufacturing PMI fell to 48.0 from 48.7 in June, marking a sixth straight month of contraction and signaling sharper deterioration in operating conditions as output and new orders declined. Firms also cited growing uncertainty from the US tariff risks. While exports rose a stronger-than-expected 5.9%, led by robust semiconductor demand, it was overshadowed by concerns over the broader industrial recovery.

基准韩国综合股价指数周五暴跌2.88%，至3150点左右，从多年高点回落，因为所有行业的广泛亏损和投资者的获利回吐在关税实施的第一天打压了市场情绪。主要拖累因素来自丰山公司（-15.36%）、斗山能源（-6.25%）、SK海力士（-6.03%）和KB金融集团（-4.06%）。韩国7月工厂活动连续第六个月收缩，增加了下行压力，标准普尔全球制造业采购经理人指数从6月的48.7降至48.0，因为产出和新订单都以更快的速度下降。另一方面，韩国7月份出口连续第二个月增长，出货量同比增长5.9%，达到608.2亿美元，半导体出口增长39.3%，汽车出货量增长8.8%，船舶出口激增107.6%。与此同时，进口小幅增长0.7%，至542.1亿美元，贸易顺差从6月份的90.8亿美元缩小至66.1亿美元。

The benchmark KOSPI plunged 2.88% to around 3,150 on Friday, pulling back from multi-year highs as broad-based losses across all sectors and profit-taking by investors weighed on sentiment following the first day of tariff imposition. Significant drags came from Poongsan Corporation (-15.36%), Doosan Enerbility (-6.25%), SK Hynix (-6.03%), and KB Financial Group (-4.06%). Adding to the downward pressure, South Korea's factory activity contracted for the sixth consecutive month in July, with the S&P Global Manufacturing PMI falling to 48.0 from 48.7 in June as both output and new orders fell at a sharper pace. On the flipside, South Korea's exports rose for the second straight month in July, as shipments climbed 5.9% year-on-year to $60.82 billion, while semiconductor exports jumped 39.3%, car shipments rose 8.8%, and ship exports surged 107.6%. Meanwhile, imports edged up 0.7% to $54.21 billion, narrowing the trade surplus to $6.61 billion from June's $9.08 billion.

韩国7月制造业进一步萎缩，标准普尔全球制造业采购经理人指数从6月的48.7降至48，标志着连续第六个月下降。由于国内需求日益疲软，产量和新订单下降幅度更大。因此，企业缩减了招聘和采购活动，而商业情绪三个月来首次转为负面。投入成本通胀也有所回升，平均成本负担以3月以来的最快速度上升。标普全球经济学家Usamah Bhatti表示：“产量和新订单的下降速度都比6月份更快。”。“轶事证据表明，国内经济疲软，再加上美国关税政策的影响。”

South Korea’s manufacturing sector contracted further in July, with the S&P Global Manufacturing PMI falling to 48 from 48.7 in June, marking the sixth straight month of decline. Output and new orders fell at sharper rates, driven by mounting weakness in domestic demand. As a result, firms scaled back hiring and purchasing activity, while business sentiment turned negative for the first time in three months. Input cost inflation also picked up, with average cost burdens rising at the fastest pace since March. “Both production volumes and new orders fell at a steeper rate than in June,” said Usamah Bhatti, Economist at S&P Global. “Anecdotal evidence points to a weakening domestic economy, compounded by the effects of US tariff policy.”

2025年7月，韩国出口同比增长5.9%，达到608亿美元的七个月高点，较上月4.3%的增长有所加快，超过了市场4.6%的增长预期。初步数据显示，这标志着出口连续第二个月增长，也是自去年12月以来的最快增速，主要得益于半导体出货量强劲。半导体出口同比增长31.6%，达到147.1亿美元，创下7月份的历史新高。

Exports from South Korea increased 5.9% year-over-year to a seven-month high of USD 60.8 billion in July 2025, accelerating from a 4.3% rise in the previous month and surpassing market forecasts of a 4.6% increase. This marked the second consecutive month of export growth and the fastest pace since last December, mainly driven by robust semiconductor shipments, according to preliminary data. Semiconductor exports surged 31.6% yoy to USD 14.71 billion, marking a record peak for any July.