Exports in May totaled US$87.75 billion, up 53.2 percent from a year earlier, the highest monthly figure on record and the third straight month above $80 billion. Exports have risen for 12 consecutive months since June last year.
The growth was led by semiconductor exports, which soared 169.4 percent from a year earlier to a record US$37.16 billion, supported by rising memory chip contract prices amid increased artificial intelligence (AI)-related investment by major U.S. technology companies. Chip exports have now exceeded US$30 billion for three consecutive months.
Exports excluding chips also rose, while average daily exports surpassed US$4 billion for the first time, breaking the previous record of US$3.79 billion set in March.
Computer exports also rose to $4.18 billion, up 290.7 percent, on stronger demand for AI server SSDs, while wireless communications devices increased 12.6 percent to $1.46 billion on solid new-product sales. Display exports rose 9.4 percent to $1.47 billion.
Among consumer goods, cosmetics exports increased 24.2 percent to $1.18 billion, the highest for any May. Agricultural and fisheries food exports rose 4.7 percent to $1.07 billion as processed farm products such as noodles and bread increased, offsetting declines in items such as coffee and seaweed.
Exports of petroleum products surged 46.6 percent from a year earlier to $5.25 billion as higher oil prices boosted export unit values, although shipment volumes fell 23.8 percent.
Gasoline exports fell 31.1 percent, while diesel and kerosene shipments declined 24.3 percent and 99.9 percent, respectively. Petrochemical exports rose 11.1 percent to $3.7 billion, although export volumes dropped 25.5 percent as producers prioritized domestic supply.
Auto shipments declined 5.9 percent to $5.83 billion, hurt by fewer working days and logistics disruptions caused by the conflict in the Middle East.
By destination, exports to China rose 80.9 percent to $18.9 billion, led by a 243-percent jump in semiconductor shipments and steady growth in consumer goods. Exports to the U.S. increased 59.1 percent to $15.97 billion. Exports to ASEAN rose 58.4 percent to $15.85 billion, and exports to the EU increased 2.4 percent to $6.19 billion. Exports to the Middle East fell 7.7 percent to $1.27 billion.
Meanwhile, imports rose 20.8 percent from a year earlier to US$60.8 billion. Energy imports increased 15.9 percent to US$11.75 billion, led by a 25 percent rise in crude oil imports to US$8.5 billion as import prices climbed.
With exports exceeding imports, the trade surplus for May widened to $26.95 billion, up $20.03 billion from a year earlier, extending the surplus streak to 16 months. The January to May cumulative surplus reached $101.91 billion, surpassing the previous annual record of $95.2 billion set in 2017.
If this trend continues, exports are likely to surpass the government's annual target of US$740 billion, with officials saying that rising chip volumes and prices could push the total even higher.
However, the outlook remains uncertain, with the Middle East conflict and U.S. tariffs still unresolved. "The uncertainty in the trade environment remains," Trade Minister Kim Jung-kwan said, adding that the government will work closely with major trading partners to reduce risks and stabilize export conditions.
He also vowed to secure stable imports of key raw materials and strengthen supply chain monitoring.
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