[Sejong=Asia Economy Reporter Joo Sang-don] Last month, exports increased by more than 45% compared to the same period last year, marking the largest growth in 32 years.
On the 1st, the Ministry of Trade, Industry and Energy announced that export value in May reached $50.73 billion, a 45.6% increase compared to the same month last year. This growth rate is the highest since August 1988, about 32 years ago.
Exports continued to grow in May, maintaining a positive trend for seven consecutive months since November last year (3.9%). This is the first time in 3 years and 2 months since March 2018 that exports have increased for seven consecutive months. Notably, the growth rate exceeded 40% for two consecutive months (April 41.2%, May 45.6%) for the first time. Last month’s export value ($50.73 billion) ranked first among all Mays on record, marking the third consecutive month since March this year with the highest export value for the respective month. The cumulative export value up to May this year also maintained the top record at $248.4 billion.
Among the 15 major export items, exports increased in 14 items except ships. Among these, 12 items including semiconductors, automobiles, and petrochemicals showed double-digit growth rates. Semiconductor exports increased by 24.5% compared to the same period last year, marking 11 consecutive months of growth. The export value reached $10.04 billion, surpassing $10 billion for the first time since 2018. Automobiles also increased by 93.7%, recording the highest growth rate in 14 years and 8 months.
By country, exports to the nine major regions including ▲China (22.7%) ▲United States (62.8%) ▲European Union (EU, 62.8%) ▲ASEAN (64.3%) all increased for the first time in 10 years.
Imports in May amounted to $47.81 billion, a 37.9% increase compared to the same period last year. The trade balance recorded a surplus of $2.93 billion, continuing a surplus for 13 consecutive months.
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