South Korea's exports have increased for the eighth consecutive month in May, driven by strong performance in the semiconductor sector, as revealed by recent trade data.
The overseas sales of Asia's fourth-largest economy rose by 11.7% year-on-year to $58.15 billion, marking a 22-month high. Although the growth slightly missed market expectations, it still demonstrates robust economic activity.
The semiconductor sector continued to shine, with exports rising 54.5% for the seventh consecutive month. Other IT products, such as display panels, computers, and wireless communication devices, also saw significant gains. Automobile exports increased by 4.8%, and the shipbuilding sector experienced a remarkable surge of 108.4%.
By destination, exports to the United States rose for the 10th month, up by 15.6%, while shipments to China increased for the third consecutive month, rising by 7.6% to $11.4 billion, marking a 19-month high.
"Exports are building a strong upward momentum," said Trade Minister Ahn Duk-geun. "The government will provide all-out support for the upward trend to continue through the year-end."
South Korea also saw a positive trade balance, with a trade surplus of $4.96 billion in May, up from $1.53 billion in April, achieving the largest surplus since December 2020.
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