Korea’s Exports Continue Moving Positively

Korea’s exports in May increased by 11.7% year-on-year, continuing the 8th-consecutive month of trade surplus.

According to the export and import trends announced by the Ministry of Trade, Industry and Energy (MOTIE), the nation’s exports in May recorded US$ 58.15 billion.

May exports showed the highest performance in 22 months since July 2022 when exports amounted to US$ 60.24 billion.

By item, 11 out of the 15 major items increased in exports. All IT items, including semiconductors, displays, computers, and wireless communication devices, recorded positive growth for three consecutive months. The combined exports also increased for seven consecutive months.

The largest export item, semiconductors, increased by 54.5% year-on-year to US$11.38 billion, continuing the upward trend for seven consecutive months. Semiconductor monthly exports exceeded US$11 billion for the second time this year since March.

Display exports recorded the highest performance this year at US$1.63 billion in May. Displays also continued the upward trend for 10 consecutive months. Computer (SSD) exports recorded US$1.04 billion, the highest performance in 17 months since December 2022 (US$1.05 billion).

Automobile exports recorded $6.49 billion, the highest ever in May. A spokesperson for MOTIE explained, “Despite the shutdown of some domestic production facilities in May, the year-on-year increase is continuing due to the expansion of exports of hybrid cars and SUVs with high export prices.”

Ship exports more than doubled (108.4%) year-on-year to US$2.06 billion. Shipbuilding exports continued to increase for 10 consecutive months due to brisk exports of high-value-added ships ordered at high prices in 2021.

By region, exports increased to seven out of the nine major export regions. Exports to China recorded US$11.38 billion, the highest in 19 months since US$12.2 billion recorded in October 2022.

Exports to the United States recorded US$10.93 billion, the highest export performance in May ever. Meanwhile, exports to Central and South America showed the highest growth rate of 25.5% among the nine major regions.

We are about to introduce some impressive Korean export items – in line with the global environment in which Korean exporters are continuously seeking to expand their business territories in the latter half of this year – and thus to elevate their global awareness in world markets.
 
 
korean-electronics.com | Blog Magazine of korean electronics, brands and Goods