Koreas exports up 13.4% on year in May in longest winning streak since Dec 2011

https://korean-machinery.com///inquirySouth Korean exports grew 13.4 percent on year to US$45 billion in May, extending a winning streak for the seventh straight month on the back of robust demand for electronics components and recovery in the global steel and shipbuilding markets. However, both growth and volume slowed from the previous months.

According to preliminary data by the Ministry of Trade, Industry, and Energy Thursday, the last time exports maintained growth for so long was in December 2011.

Out of 13 mainstay export items, nine grew. Semiconductor shipments surged 63.3 percent on year to reach an all-time monthly high of $7.99 billion. Solid-state drives that act as a replacement for hard disc drives were shipped in a record volume of $440 million in May.

However, exports of wireless devices plunged 37 percent despite the release of new smartphones by Samsung Electronics and LG Electronics.

Shipments to China rose for the seventh month in a row, gaining 7.5 percent despite the diplomatic row over the U.S. antimissile system deployment in Korea. Exports to the United States fell 1.9 percent due to sluggish performance in cars, car parts, and wireless devices. Exports to other areas all grew. Imports gained 18.2 percent to $39.1 billion, delivering a surplus of $6 billion. Overall, Korea has raked in a trade surplus for 64 consecutive months.

< Source: KITA>

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