May Exports Start with Double-Digit Growth... "Maintaining Upward Momentum" (Comprehensive)

Korea Customs Service, Export-Import Status from May 1 to 10
Exports Up 16.5%·Imports Down 6.7%
Government: "Balanced Growth in Semiconductors, Automobiles, Shipbuilding, etc."

Exports recorded an increase of over 16% through the 10th of this month. The government forecasted that overall exports and trade surplus for May would be smoothly achieved.

According to the export-import status from May 1 to 10 announced by the Korea Customs Service on the 13th, export value from May 1 to 10 reached $16.8 billion, up 16.5% ($2.38 billion) compared to the same period last year. The number of working days was 6.5, the same as the previous year. Considering this, the average daily export value increased by 16.5% to $2.59 billion.

On the 27th, cargo containers are stacked at Pyeongtaek Port as seen from the air. [Aerial photography cooperation=Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seung-ho - Lieutenant Park Ji-hwan, Crew: Lieutenant Park Sang-jin] Photo by Kang Jin-hyung aymsdream@

Among the top 10 major export items, nine items showed an increasing trend except for automobile parts (-2.5%). Exports of semiconductors (52.0%) and ships (193.6%) showed sharp growth. Additionally, exports of petroleum products (14.1%), passenger cars (8.9%), steel products (11.5%), and wireless communication devices (10.5%) also increased.

Exports to the top 10 major countries also increased across the board. Exports to China (9.7%), the United States (12.5%), the European Union (EU, 9.1%), Vietnam (30.6%), Japan (11.3%), and India (44.3%) rose.

Imports amounted to $17.4 billion, down 6.7% ($1.24 billion) compared to the same period last year. Imports of crude oil (9.9%), semiconductors (10.1%), and petroleum products (42.5%) increased, while imports of gas (-8.6%) and machinery (-20.6%) decreased. Energy imports including crude oil, gas, and coal also declined by 2.9%.

Regarding imports from major countries, imports from the United States (9.6%), Saudi Arabia (33.0%), and Taiwan (39.6%) increased, but imports from China (-9.7%) and the EU (-20.9%) decreased.

The trade balance recorded a deficit of $600 million. Including this, the cumulative trade surplus for this year was calculated at $9.981 billion.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, "Exports through the 10th of this month recorded double-digit growth rates as most export items such as semiconductors, wireless communication, automobiles, shipbuilding, and petroleum products rose evenly due to the recovery of the IT industry and improvement in major countries' economies." He added, "We expect May's monthly exports to continue a strong upward momentum following last month and to smoothly achieve a trade surplus."

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