Ministry of Trade, Industry and Energy, Export-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. The government plans to concentrate all available resources to ensure that exports continue their upward trend through the end of the year and achieve the highest performance ever recorded.
According to the May 2024 export-import trends announced by the Ministry of Trade, Industry and Energy on the 1st, exports reached $58.15 billion, an increase of 11.7% compared to the previous year.
May exports posted 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 value also increased for seven consecutive months. Semiconductor exports, the largest export item, rose 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). The Ministry of Trade, Industry and Energy analyzed that this was due to increased sales and production of high value-added memory semiconductors, continued export growth of non-memory semiconductors driven by expanding demand for automotive semiconductors, and an overall improvement in the IT industry.
Display exports reached $1.63 billion (15.8%), the highest performance this year, 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 increased for three consecutive months by 9.4%.
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% at $2.06 billion, marking 10 consecutive months of increase. Biohealth exports recorded double-digit growth for two consecutive months (18.7%), 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 increased in seven out of nine major export regions. Exports to China reached $11.38 billion (7.6%), the highest in 19 months since October 2022 ($12.2 billion). Notably, exports increased throughout the year except for February, 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. ASEAN (21.9%), Japan (2.4%), India (24.8%), and the Middle East (2.2%) each recorded positive growth for two consecutive months.
Imports in May amounted to $53.19 billion, a decrease of 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, an improvement of $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 trade surplus has been positive 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, an improvement of $43 billion compared to the same period last year.
Andeokgeun, Minister 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 of 46-167%). The government will focus all available resources to support the private and public sectors as one team to ensure that exports continue their upward trend through the end of the year and achieve the highest performance ever."
He added, "To this end, the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance, and other related ministries will immediately prepare a cross-ministerial 'Export Conditions Review and Additional Support Plan' to promptly expand support in finance, marketing, certification, strengthen export competitiveness by industry, and provide customized support based on company characteristics. We will also proactively respond to the recent sharp rise in maritime logistics freight rates by upgrading the contingency plan to level 2, implement the export voucher program early in the second half of the year, and provide additional dedicated shipping space for small and medium-sized enterprises. We will closely monitor and manage external conditions to minimize any negative impact on our exports."
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