Seoul: South Korea's exports exceeded US$80 billion for the second consecutive month in April, jumping nearly 50 percent from a year earlier on the back of robust shipments of semiconductors, government data showed Friday. Outbound shipments totaled $85.89 billion last month, up 48 percent on-year, according to the data compiled by the Ministry of Trade, Industry and Resources.
According to Yonhap News Agency, the April tally marks the second-highest monthly export figure for the country, following an all-time high of $86.6 billion recorded in March. Imports rose 16.7 percent on-year to $62.11 billion last month, resulting in a trade surplus of $23.77 billion. April also marked the second consecutive month the country enjoyed a monthly trade surplus of over $20 billion.
The ministry largely attributed the sharp increase in exports to a semiconductor supercycle. Chip exports amounted to $31.9 billion, spiking 173.5 percent from a year earlier and reaching the highest-ever figure for any April, on persisting demand for artificial intelligence (AI) semiconductors and the continued rise of memory chip prices.
Exports of petroleum products soared 39.9 percent on-year to $5.11 billion, despite a decrease in the volume of shipments, as oil prices surged due to the ongoing conflict in the Middle East, the ministry said. In detail, the volume of outbound shipments of gasoline, diesel and kerosene products declined by 43 percent, 23.2 percent and 99.9 percent, respectively, as the Seoul government implemented export restrictions on such items in mid-March in a bid to stabilize the domestic fuel market.
Computer exports surged 515.8 percent to $4.08 billion, the highest monthly figure ever, as global demand for solid state drives expanded in line with the growth of the AI sector. Shipments of electrical equipment, cosmetics and agro-fisheries products expanded 7.6 percent, 33.4 percent and 8.8 percent on-year, respectively, to $1.57 billion, $1.37 billion, $1.22 billion, all climbing to record figures for any April.
Auto exports dropped 5.5 percent to $6.17 billion in April, due partly to shipping disruptions caused by the Mideast crisis and Korean carmakers' expansion of production in the United States in response to Washington's tariff policies, according to the ministry. By destination, exports to China jumped 62.5 percent on-year to $17.7 billion in April, rising for the sixth consecutive month, on strong demand for semiconductor and IT products.
Exports to the U.S. gained 54 percent from a year earlier to $16.33 billion, with increased shipments of semiconductors and computers offsetting a drop in shipments of automobiles and machinery. Shipments to the Association of Southeast Asian Nations (ASEAN) surged 64 percent to $15.41 billion, while exports to the European Union climbed 8.5 percent to $7.19 billion. Exports to the Middle East tumbled 25.1 percent on-year to $1.27 billion amid the prolonged war between the U.S. and Iran, the ministry said.
"South Korea saw its monthly exports surpass the $80 billion mark, along with a trade surplus of over $20 billion, for the second straight month for the first time in history in April even amid the persisting conflict in the Middle East," Industry Minister Kim Jung-kwan said in a press release. Kim attributed the achievement to South Korean companies' continued efforts to diversify supply chains, while pledging continued government efforts to minimize burden on export firms and help them maintain their competitiveness amid persisting uncertainties in global trade.