South Korean exports extend gains to 8th straight month in May

Seoul, June 2 (BNA): South Korea’s exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors, data showed Saturday.

Outbound shipments rose 11.7 percent on-year to US$58.1 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South Korea has been maintaining a trade surplus for 12 consecutive months, Yonhap News Agency reported.

It was also the highest trade surplus in 41 months.

By sector, exports of chips jumped 54.5 percent year-on-year to reach $11.38 billion, maintaining growth for seven straight months.


The growth came amid the rising global demand for automotive chips, along with premium memory chips, the ministry said.

Outbound shipments of display products also rose 15.8 percent over the period to $1.63 billion, the highest monthly figure for 2024, tracking the robust performance of the smartphone sector.


Car exports moved up 4.8 percent to $6.49 billion, the highest for any May, following the increased sales of premium eco-friendly cars and SUVs.




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