Seoul: South Korea's exports experienced a remarkable 65 percent increase from the previous year during the first 20 days of May, as data released on Thursday highlighted a significant surge in semiconductor shipments, which more than tripled during this period. Outbound shipments amounted to US$52.7 billion from May 1 to 20, compared to $31.9 billion in the same timeframe last year, as reported by the Korea Customs Service.
According to Yonhap News Agency, this figure marks the largest ever recorded for the first 20 days of May. Imports also saw an increase, rising 29.3 percent year-on-year to $41.6 billion, resulting in a trade surplus of $11 billion. The semiconductor sector played a pivotal role, with exports soaring 202 percent from a year earlier to $21.9 billion. Additionally, exports of petroleum products increased by 46.3 percent, reaching $3.23 billion.
The customs data revealed that semiconductors accounted for 41.7 percent of total exports, showing a 19 percentage point increase from the previous year. In contrast, outbound shipments of automobiles decreased by 10.1 percent to $2.76 billion.
Examining the destination of these exports, shipments to China jumped by 96.5 percent, followed by increases to the United States at 79.3 percent and Vietnam at 70.2 percent. Exports to the European Union also rose by 21.7 percent. Overall, South Korea's cumulative exports through Wednesday reached $359.1 billion, reflecting a 43.9 percent increase from the same period last year.