The nation’s exports in April recorded a double-digit increase. It has been ‘export-plus’ for seven months. This is thanks to the increase in exports of key items such as semiconductors, automobiles, etc.
In particular, semiconductor exports surged 56% compared to the same month last year. By country, exports to the United States reached an all-time high. The trade balance has also been in surplus for 11 consecutive months since June of last year.
The Ministry of Trade, Industry and Energy (MOTIE) recently announced that exports in April amounted to US$56.26 billion (about KRW 78 trillion), a 13.8% increase compared to the same month last year. Imports increased 5.4% over the same period to $54.73 billion. The trade balance, which subtracts imports from exports, was $1.53 billion.
In April, exports of 13 of the 15 major export items increased. This is the largest number of item exports this year.
Information and communication-related items such as semiconductors, displays, computers, and wireless communication devices recorded positive scores for all items for two consecutive months. Combined exports also achieved the highest growth rate of 46.6% this year and continued to increase for six consecutive months.
Semiconductor exports, the largest export item, recorded $9.96 billion, the second highest ever in April. It increased by 56.1% compared to the same month last year, recording positive exports for six consecutive months.
Display exports increased by 16.3% compared to the same month last year, to $1.43 billion, recording the highest performance of the year and increasing for nine consecutive months. Exports of computer SSDs (76.2%) and wireless communication devices (11.4%) also recorded the highest growth rates this year, increasing for four and two consecutive months, respectively.
Automobile exports increased by 10.3% compared to the same month last year, breaking a record-high export amount. It recorded $6.79 billion in exports, surpassing the previous biggest record of exports in November last year ($6.53 billion).
Exports of general machinery turned positive in just one month, reaching an all-time high of $4.68 billion (1.5%) as of April. Ship exports also increased by 5.6%, showing positive growth for nine consecutive months.
Biohealth exports recorded a double-digit growth rate (21.3%) for the first time this year. Exports are positive for six consecutive months. Petroleum products (19.0%) increased for two consecutive months.
Exports increased in seven of the nine major export regions. In particular, exports to the United States recorded $11.4 billion, showing a 24.3% increase compared to the same month last year, the highest export amount ever, breaking the record in December last year ($11.3 billion) in four months.
Exports to China recorded $10.5 billion, a 9.9% increase compared to the same month last year. Exports to the nation increased for two consecutive months, exceeding $10 billion, following $10.5 billion last March.
Exports to Central and South America (38.2%) showed the highest growth rate among the nine major regions, recording a positive figure for four consecutive months. Exports to ASEAN (10.5%), Japan (18.4%), India (18.0%), and the Middle East (1.0%) also increased compared to the same month last year.
Imports in April amounted to $54.73 billion, up 5.4% from the same month last year, as both energy and non-energy imports increased. It has increased for the first time in 14 months since February 2023.
Imports of energy amounted to $12.5 billion, showing a total increase of 14.6% due to increased imports of crude oil (17.8%) and gas (21.9%). Import volume increased by 12% for crude oil and 37% for gas due to the increase in refinery operation rates and increased demand for gas for power-generation and industrial purposes. Imports of non-energy recorded $42.23 billion, up 2.9%.
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