Exports Continue to Be Positive for Eight Consecutive Months

Last May, Korea’s trade balance recorded a surplus of US$4.96 billion, the highest in 41 months. Major export items such as semiconductors, automobiles, and exports to China are clearly recovering and returning to normal.
According to data recently released by the Ministry of Trade, Industry and Energy (MOTIE), the nation’s exports last month were $58.15 billion, while imports amounted to $53.19 billion, and the trade balance thus recorded a surplus of $4.96 billion.
Exports remained positive for eight consecutive months, and the trade balance reached its highest level in 41 months since December 2020 ($6.7 billion).
This achievement includes the nation’s major export items such as semiconductors and automobiles. Semiconductors recorded $11.38 billion, up 54.5% year-on-year, and continuing a favorable trend for seven consecutive months. Automobile exports also reached $6.49 billion, breaking the record for the highest performance in May ever.
Exports of displays (15.8%), wireless communications (9.4%), and computers (48.4%) also increased, recording export plus for the third consecutive month in all IT items following the previous month.

In addition, exports of 11 out of the 15 major export items increased ― including computers, wireless communications, petrochemicals, automobiles, petroleum products, ships, bio-health, home appliances, and textiles.
Exports to China, which had been sluggish, are also showing signs of recovery. Exports to China reached $11.4 billion, the highest in 19 months since October 2022. Exports to the United States also recorded the highest performance in May ever, reaching $10.9 billion, increasing for the 10th consecutive month.
By region, seven regions, including the United States (15.6%) and China (7.6%), showed an increase. As exports are becoming brisk again, there are optimistic prospects for the nation’s annual economic growth rate to continue growing.
Korean exporters are continuously seeking to expand their business territories in the latter half of this year – and thus to elevate their global awareness in world markets.
For the 6th issue of Korea Buyers Guide, we are about to introduce some Korean exporters with globally competitive export items.

 
 
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