South Korea's exports surged 43.7% in early May compared to the previous year, driven by strong semiconductor sales. The total export value reached $18.434 billion, marking the highest level for the month of May. Exports of related products, such as computer peripherals, also showed significant growth. However, the ongoing conflict in the Middle East has led to an 8% increase in crude oil import costs.
According to the Customs Office, the preliminary export figures for May 1-10 indicate a 43.7% increase from the same period last year. Adjusting for the number of working days (5.0), the average daily export also rose by 43.7% year-on-year.
Monthly exports have been on a positive trend since June of last year, with exports in March and April exceeding $80 billion, largely due to the booming semiconductor market.
During this period, semiconductor exports soared by 149.8% to $8.539 billion. Exports of computer peripherals increased by 382.8%, petroleum products by 2.4%, and wireless communication devices by 6.4%. Semiconductors accounted for 46.3% of total exports, up 19.7 percentage points from the same period last year.
In contrast, passenger car exports fell by 26.0% to $830 million. Exports of steel products decreased by 3.2%, automotive parts by 4.6%, ships by 58.6%, precision instruments by 13.6%, and home appliances by 13.6%.
By destination, exports to China (up 81.8%), Vietnam (up 89.3%), the United States (up 17.9%), Taiwan (up 96.7%), and the European Union (up 11.3%) increased. Conversely, exports to India (down 14.8%) and Singapore (down 6.0%) declined. The top three export markets— the U.S., Vietnam, and China—accounted for 55.3% of total exports.
Imports also rose by 14.9% to $16.737 billion. The increase in crude oil imports, driven by rising international oil prices due to the Middle East conflict, saw a 7.9% rise to $2.776 billion. Overall energy imports, including oil, gas, and coal, increased by 8.9% year-on-year. Petroleum product imports doubled, reaching $875 million.
Additionally, imports of semiconductor manufacturing equipment (up 129.7%), semiconductors (up 41.4%), and precision instruments (up 16.8%) also showed growth. However, imports of machinery (down 1.9%), passenger cars (down 16.3%), and coal (down 12.2%) decreased.
By country, imports from China (up 28.8%), the U.S. (up 22.9%), the EU (up 45.3%), Saudi Arabia (up 19.6%), and Japan (up 7.2%) increased. However, imports from Taiwan (down 3.4%), Vietnam (down 0.7%), and Russia (down 40.2%) fell.
With exports exceeding imports, the trade balance recorded a surplus of $1.698 billion.
* This article has been translated by AI.
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