Seoul: South Korea's exports surpassed US$80 billion for the second consecutive month in April, experiencing a remarkable increase of nearly 50 percent from the previous year, driven by strong semiconductor shipments, government data revealed on Friday. Outbound shipments amounted to $85.89 billion last month, marking a 48 percent year-on-year rise, as per data compiled by the Ministry of Trade, Industry, and Resources.
According to Yonhap News Agency, the April figures represent the second-highest monthly export total for South Korea, following a record-setting $86.6 billion in March. Imports also saw an increase, rising 16.7 percent year-on-year to $62.11 billion in April, resulting in a trade surplus of $23.77 billion. This marks the second consecutive month the nation has recorded a trade surplus exceeding $20 billion.
The Ministry of Trade, Industry, and Resources largely credits the sharp rise in exports to a semiconductor supercycle. Chip exports reached $31.9 billion, escalating 173.5 percent from the previous year and hitting the highest-ever figure for any April. This surge is attributed to ongoing demand for artificial intelligence (AI) semiconductors and the persistent increase in memory chip prices.
Petroleum product exports also witnessed a significant rise, soaring 39.9 percent year-on-year to $5.11 billion. This increase occurred despite a reduction in shipment volumes, as oil prices surged due to the ongoing conflict in the Middle East. However, auto exports experienced a decline of 5.5 percent, falling to $6.17 billion in April. This decrease is partly due to shipping disruptions caused by the Mideast crisis and South Korean automakers' expansion of production in the United States in response to U.S. tariff policies.
By destination, exports to China surged 62.5 percent year-on-year, reaching $17.7 billion in April, marking the sixth consecutive month of growth due to robust demand for semiconductor and IT products. Exports to the U.S. increased by 54 percent from the previous year to $16.33 billion, with heightened shipments of semiconductors and computers compensating for a decline in automobile and machinery exports. Shipments to the Association of Southeast Asian Nations (ASEAN) rose 64 percent to $15.41 billion, while exports to the European Union climbed 8.5 percent to $7.19 billion.
Conversely, exports to the Middle East plummeted by 25.1 percent year-on-year to $1.27 billion amidst the ongoing conflict between the U.S. and Iran, as reported by the Ministry of Trade, Industry, and Resources.