South Korea’s exports extended their year-over-year gains for the eighth consecutive month in May, driven by strong semiconductor shipments, according to recent data.
The Yonhap news agency reported that outbound shipments rose 11.7 percent year-on-year to reach $58.1 billion last month. Imports, on the other hand, declined 2 percent year-on-year to $53.1 billion, resulting in a trade surplus of $4.96 billion. This marks the 12th consecutive month that South Korea has maintained a trade surplus, and the highest trade surplus in 41 months.
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Exports of semiconductors were a standout performer, jumping 54.5 percent year-on-year to $11.38 billion, maintaining growth for seven straight months. The ministry attributed this growth to the rising global demand for automotive chips and premium memory chips.
Other major export categories also fared well. Exports of display products increased 15.8 percent to $1.63 billion, the highest monthly figure for 2024, driven by the robust performance of the smartphone sector. Car exports rose 4.8 percent to $6.49 billion, the highest for any May, following increased sales of premium eco-friendly cars and SUVs. Shipbuilding exports more than doubled to $2 billion due to strong global demand for container carriers.
Exports by destination
By destination, exports to China reached $11.38 billion, up 7.6 percent from a year earlier, the highest in 19 months, led by strong demand for chips and displays. Shipments to the United States also continued their upward trend, rising 15.6 percent to $10.93 billion, driven by automobiles, chips, and computers. Exports to Southeast Asia improved 21.9 percent year-on-year to $10.19 billion, driven by increased demand for electronics in Vietnam.
While exports performed well in May, outbound shipments declined 7.4 percent year-on-year in 2023 due to the sluggish performance of the chip industry and global economic uncertainties.
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