'8 Consecutive Months of Growth'... May Exports Increase by 11.7% (Update)

Ministry of Industry, Export and Import Trends for May 2024

Exports increased by more than 11% last month, marking the eighth consecutive month of export growth since October last year.

According to the May 2024 export-import trends announced by the Ministry of Trade, Industry and Energy on the 1st, exports recorded $58.15 billion, up 11.7% from the previous year.

May exports saw double-digit growth for the second consecutive month, maintaining positive growth for eight straight months. In particular, the export amount in May was the highest in 22 months since July 2022 ($60.24 billion). The average daily export, considering the number of working days, also reached $2.64 billion (9.2%), the highest in 20 months since September 2022 ($2.66 billion).

Export containers are being loaded onto a ship at Busan North Port. Photo by Jinhyung Kang aymsdream@

Among the 15 major export items, exports of 11 items increased. All IT-related products including semiconductors, displays, computers, and wireless communication devices recorded positive growth for three consecutive months. The combined export amount also increased for seven consecutive months. Semiconductor exports, the largest export item, increased by 54.5% to $11.38 billion, marking seven consecutive months of growth and surpassing $11 billion for the second time after March this year ($11.67 billion).

Display exports reached $1.63 billion (15.8%), recording the highest performance this year and increasing for 10 consecutive months. Computer SSD exports recorded $1.04 billion (48.4%), the highest in 17 months since December 2022 ($1.05 billion), marking five consecutive months of growth, while wireless communication device exports (9.4%) increased for three consecutive months.

Automobile exports reached $6.49 billion (4.8%), the highest ever for May, and except for February, which included the Lunar New Year holiday, have recorded strong performances exceeding $6 billion every month this year. Ship exports showed a triple-digit growth rate of 108.4% to $2.06 billion, increasing for 10 consecutive months, and biohealth exports recorded double-digit growth (18.7%) for two consecutive months, increasing for seven consecutive months. Additionally, petroleum products (8.4%) increased for three consecutive months, while home appliances (7.0%), petrochemicals (7.4%), and textiles (1.6%) recorded positive growth for two consecutive months.

Exports to seven out of nine major export regions increased. Exports to China reached $11.38 billion (7.6%), the highest in 19 months since October 2022 ($12.2 billion). Notably, exports increased in all periods except February this year, and average daily exports have recorded positive growth for six consecutive months since December last year. Exports to the United States reached $10.93 billion (15.6%), the highest ever for May, increasing for 10 consecutive months. Exports to Central and South America showed the highest growth rate (25.5%) among the nine major regions, increasing for five consecutive months, while ASEAN (21.9%), Japan (2.4%), India (24.8%), and the Middle East (2.2%) recorded positive growth for two consecutive months each.

Imports in May amounted to $53.19 billion, down 2.0%. Energy imports totaled $11.7 billion, increasing by 0.3% due to higher imports of crude oil (6.7%) and gas (7.1%).

The trade balance in May recorded a surplus of $4.96 billion, improving by $7.15 billion compared to the same period last year, marking the largest surplus in 41 months since December 2020 ($6.7 billion). Notably, the surplus has continued for 12 consecutive months, accumulating a total surplus of $32.7 billion, and from January to May this year, the cumulative surplus reached $15.5 billion, improving by $43 billion compared to the same period last year.

Minister An Deok-geun of the Ministry of Trade, Industry and Energy stated, "Exports have been leading our economic growth at the forefront since the second half of last year (net export growth contribution rate 46~167%)." He added, "The government will concentrate all available resources and provide full support as a public-private one team to ensure that exports continue their upward trend until the end of the year and achieve record-high performance."