Exports rise for 7th month in April on strong chip, auto demand in S. Korea

South Korea
Photo: Yonhap

South Korea's exports extended on-year gains to seven consecutive months in April, buoyed by robust chip demand, with shipments of automobiles also setting a fresh high, data showed Wednesday, Yonhap reports.

Outbound shipments increased 13.8 percent on-year to US$56.2 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports gained 5.4 percent on-year to $54.7 billion last month, resulting in a trade surplus of $1.53 billion. South Korea has been maintaining a trade surplus for 11 consecutive months.

By sector, exports of chips soared 56.1 percent on-year to reach $9.96 billion, maintaining growth for six straight months.

Outbound shipments of display products also gained 16.3 percent over the period to reach $1.43 billion, the data showed.

Car exports reached an all-time high as well, rising 10.3 percent on-year to reach $6.79 billion in April, surpassing the previous record of $6.53 billion posted in November 2023.

Other major gainers included petroleum, auto parts, and petrochemical products.

By destination, exports to the United States set a fresh record at $11.4 billion in April, up 24.3 percent from a year earlier. Shipments to the world's top economy extended gains to nine straight months.

Exports to China also moved up 9.9 percent over the period to $10.5 billion, the data also showed.

Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties.

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