April Exports Reach $51.19 Billion... All-Time High (Comprehensive)

The six-month consecutive increase since last November continues
Export growth rate 41.1%... Largest increase in 10 years
Semiconductors up 30.2% · Automobiles up 73.4%

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Ju Sang-don] April exports recorded $51.19 billion, marking the largest increase in 10 years. This is the highest ever for April. The cumulative export amount from January to April this year also set a new record.

According to the Ministry of Trade, Industry and Energy on the 1st, April exports amounted to $51.19 billion, an increase of 41.1% compared to the same period last year. The export growth trend that began in November last year (3.9%) has continued for six consecutive months. This is the first time in 3 years and 1 month that exports have increased for six consecutive months. The growth rate of April exports is the highest since January 2011.

The cumulative export amount from January to April this year ($197.7 billion) also set a new record. The previous highest was $194.9 billion recorded in 2018. The number of working days in April was two days more than the previous year. Accordingly, the average daily export increased by 29.4% compared to the same period last year, reaching $2.13 billion.

All 15 major export items showed an increasing trend. In particular, 13 items including semiconductors and automobiles recorded double-digit growth rates. Semiconductors increased by 20.3%, marking 10 consecutive months of growth. The export amount ranked second highest ever for April ($9.34 billion). Automobiles recorded double-digit growth for four consecutive months (73.4%) and surpassed $4 billion for two consecutive months for the first time in six years. Petrochemicals achieved the second highest export amount ever with $4.66 billion, following March this year ($4.75 billion). Petroleum products recorded $2.88 billion, increasing for two consecutive months for the first time in 2 years and 4 months, marking the highest in 1 year and 3 months. Biohealth and secondary batteries also increased for 20 and 8 consecutive months respectively. Both items set new records for the highest export amount in April.

By region, exports to all nine major regions increased for the first time since January 2018. Exports to the four major markets?China (31.7%), the United States (43.0%), and the European Union (EU, 43.0%)?all increased by more than 30%. Exports to ASEAN (45.5%), India (154.5%), and the Commonwealth of Independent States (CIS, 71.9%) increased for two consecutive months following a positive turnaround last month. Exports to Japan (23.9%) and the Middle East (4.1%) turned to an increasing trend after 4 months and 13 months, respectively.

April imports amounted to $50.8 billion, an increase of 33.9% compared to the same period last year. The trade balance recorded a surplus of $390 million, achieving a surplus for 12 consecutive months.

The total trade volume (exports + imports) in April reached $102 billion, the third largest ever. Previously, monthly trade volume exceeded $100 billion only twice: in March 2021 ($103.4 billion) and October 2018 ($103.3 billion). The Ministry of Trade, Industry and Energy analyzed that domestic demand recovery and strong exports have led to active production and investment activities by companies, resulting in exports and imports both increasing by more than 30% simultaneously.

Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy said, "Exports, which had fallen to -26% in April last year, rebounded to the 40% range within a year thanks to the support from traditional industries such as semiconductors and automobiles, along with growth in new industries like biohealth and secondary batteries. We expect that if the public and private sectors work together to address current challenges such as global logistics and parts disruptions and supply chain risks, we can lead the recovery of the economy through exports and achieve the goal of $1 trillion in trade."

This content was produced with the assistance of AI translation services.