Semiconductor Exports Remain Strong Despite Middle East Crisis... Up 202.1% Through the 20th of This Month

Korea Customs Service Releases Export and Import Data for May 1–20

Semiconductor Exports Reach All-Time High

Despite geopolitical risks such as the Middle East conflict, semiconductor exports continued to perform strongly, reaching an all-time high.

According to preliminary export and import figures for May 1–20 released by the Korea Customs Service on May 21, total exports reached USD 52.7 billion, up 64.8% from the same period last year. This is the highest figure ever recorded for May. The number of working days was 13.5, one day more than the same period last year. Taking this into account, the average daily export value was USD 3.9 billion, a 52.6% increase year-on-year.

Cargo is stacked on a container ship docked at Busan Port. Photo by Jinhyung Kang

The increase in exports this month was once again led by semiconductors. Semiconductor exports reached USD 21.951 billion, up 202.1% from the same period last year, marking the highest-ever figure for May. As semiconductor exports surged, their share of total exports also jumped sharply to 41.7%, an increase of 19.0 percentage points. In addition, exports of petroleum products (up 46.3%) and computer peripherals (up 305.5%) increased, while exports of passenger cars (down 10.1%) declined. By country, exports to all of the top 10 major destinations increased, including China (up 96.5%), the United States (up 79.3%), Vietnam (up 70.2%), the European Union (up 21.7%), and Taiwan (up 110.4%).

Imports for the first 20 days of May totaled USD 41.6 billion, up 29.3%. Year-on-year, imports of crude oil (up 26.4%), semiconductors (up 55.5%), semiconductor manufacturing equipment (up 116.2%), machinery (up 11.9%), and petroleum products (up 58.6%) all increased. By country, imports from China (up 42.1%), the United States (up 24.6%), the EU (up 41.9%), Japan (up 23.8%), and Vietnam (up 43.9%) all rose.

The trade balance for May 1–20 recorded a surplus of USD 11 billion. As a result, the cumulative trade surplus from January 1 to May 20 this year reached USD 85.993 billion.

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