April Exports Up 13.8%... Growth Trend Expected to Continue in Q2 (Comprehensive)

Ministry of Industry Reports April Export-Import Trends
Automobiles Achieve Record High Export Value
IT Sector Records Positive Growth in All Categories for 2 Consecutive Months

Exports continued to grow last month, increasing by nearly 14%, maintaining the upward trend. The positive export trend, which began in October last year, has continued for seven consecutive months. The government expects the export growth to continue in May and June as well.

According to the 'April Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, exports last month recorded $56.26 billion (13.8%), marking a double-digit increase compared to the same month last year, following January, and continued the positive trend for seven consecutive months.

Minister An Deok-geun of the Ministry of Trade, Industry and Energy stated, "Exports were a key driver of our economic growth in the first quarter," and added, "Despite high volatility in oil prices, exchange rates, and logistics costs caused by the Israel-Iran conflict and the prolonged Red Sea situation in April, our exports showed robust growth and achieved a trade surplus."

Last month, exports of 13 out of the 15 major export items increased, with most items showing strong performance, achieving the highest number of export items with positive growth this year.

Export containers are loaded onto a ship at Busan North Port. Photo by Jin-Hyung Kang aymsdream@

IT items such as semiconductors, displays, computers, and wireless communication devices recorded positive growth for two consecutive months across all items. The combined export value also achieved the highest growth rate this year at 46.6%, continuing the upward trend for six consecutive months. Semiconductor exports, Korea's largest export item, reached $9.96 billion, the second-highest for any April on record, increasing by 56.1% and maintaining positive export growth for six consecutive months. Display exports increased by 16.3% to $1.43 billion, marking the highest performance this year and growing for nine consecutive months. Computer SSD (76.2%) and wireless communication device (11.4%) exports also recorded the highest growth rates this year, increasing for four and two consecutive months, respectively.

Automobile exports surpassed the previous record of $6.53 billion set in November last year, reaching $6.79 billion (10.3%), setting a new all-time high export value. General machinery exports turned positive after one month, recording a record high for April at $4.68 billion (1.5%). Ship exports increased by 5.6%, continuing the positive trend for nine consecutive months, while bio-health exports recorded the first double-digit growth rate this year (21.3%), maintaining growth for six consecutive months. Petroleum product exports (19.0%) increased for two consecutive months, and exports of textiles (1.7%), home appliances (9.4%), automobile parts (2.9%), and petrochemicals (12.3%) also turned positive after two months since January.

In April, exports increased in seven out of nine major export regions, with most regions recording positive export growth. Exports to the United States reached a record high of $11.4 billion (24.3%), surpassing the previous record of $11.3 billion set in December last year, continuing the upward trend for nine consecutive months. Exports to China (9.9%) exceeded $10 billion again at $10.5 billion following March, marking two consecutive months of export growth. Exports to Latin America (38.2%), which have been increasing this year, recorded the highest growth rate among the nine major regions, growing for four consecutive months. ASEAN (10.5%) and Japan (18.4%) turned positive after one month, while India (18.0%, the highest for any April on record) and the Middle East (1.0%) turned positive after two months.

Imports in April amounted to $54.73 billion (5.4%), increasing for the first time in 14 months since February last year. Energy imports totaled $12.5 billion, increasing by 14.6% due to higher imports of crude oil (17.8%) and gas (21.9%). Import volumes rose by 12% for crude oil and 37% for gas, driven by increased refinery operating rates and higher demand for gas for power generation and industrial use. Meanwhile, non-energy imports increased by 2.9% to $42.23 billion.

The trade balance in April recorded a surplus of $1.53 billion, maintaining a surplus for 11 consecutive months. Notably, the cumulative surplus from January to April reached $10.6 billion, exceeding last year's total trade deficit of $10.3 billion, achieving the largest surplus in five years since $12.6 billion from January to April 2019.

Minister An said, "Overall in the second quarter, the export growth of IT items such as semiconductors and the strong export performance of key items such as automobiles, general machinery, and ships, which have continued since last year, are expected to sustain the positive export trend and surplus balance." He added, "The government will prepare additional cross-ministerial export support measures in May, including expanded financial, marketing, and certification support, as well as customized support by industry and company size, to accelerate the upward export trend."