Seoul: The South Korean economy is grappling with "increasing" downward pressure, primarily attributed to a slowdown in exports amidst ongoing trade uncertainties and a decline in domestic consumption, the finance ministry reported on Friday.

According to Yonhap News Agency, this marks the fifth consecutive month that the Ministry of Economy and Finance has delivered such an assessment in its monthly economic report, the Green Book. The May edition of the report highlighted a "slowdown in exports" for the first time, underscoring concerns over a worsening global trade climate, exacerbated by U.S. tariffs on steel, automobiles, and other imports.

The report further indicated that while South Korea experienced a rise in production, driven by the semiconductor industry in March, both consumption and investment witnessed a decline simultaneously. The country added 194,000 jobs from a year earlier in April; however, it experienced a significant drop in quality jobs within the manufacturing and construction sectors.

Additionally, consumer prices rose by 2.1 percent on a year-on-year basis last month, mainly due to an increase in the prices of agro-fisheries products. In response to these challenges, the ministry emphasized the swift execution of a 13.8 trillion-won (US$9.9 billion) extra budget aimed at supporting export companies, boosting industrial competitiveness, and aiding efforts to revive the domestic economy.