2nd Largest-ever Export

Korea’s total exports added up to US$51 billion in April, up 24.2% from a year ago.
Korea’s total exports added up to US$51 billion in April, up 24.2% from a year ago.

 

The Ministry of Trade, Industry & Energy of South Korea announced on May 1 that the total exports from the country added up to US$51 billion last month, up 24.2% from a year ago. This monthly amount is the second-largest in its history and the amount showed a double-digit growth for the fourth consecutive month.

Semiconductor exports, which rose for the seventh consecutive month, increased 56.9% to US$7.14 billion as new smartphones were released and memory chip prices showed limited fluctuations. Flat panel display exports increased for six months in a row and reached US$2.15 billion as the number of devices using OLED increased and LCD panel prices rose.

General machinery exports totaled US$4.29 billion, the fourth-largest in its history, while ship exports hit an all-time high of US$7.13 billion with 24 vessels and fixed platforms exported in April this year alone. Steel exports totaled US$3.19 billion and automobile exports reached US$3.88 billion with a year-on-year increase of 11.6%, the first double-digit growth since July 2014. Meanwhile, consumer electronics, auto parts and textile exports showed some decline.

The country’s exports to the EU region reached a new high of US$6.42 billion. Those to China increased by more than 10% as investment in facilities in China showed some recovery. Those to the United States increased for the first time in two months, led by general machinery, petroleum products, and consumer electronics, although wireless communications equipment and auto parts exports to the country fell.

Last month, South Korea’s imports totaled US$37.8 billion, up 16.6% from a year earlier. During the same period, it recorded a trade surplus of US$13.3 billion, remaining in the black for the 63rd consecutive month. 

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