Due to a Surge in Crude Oil, Gas and Coal Imports
The Ministry of Trade, Industry and Energy announced on May 1 that South Korea’s exports increased 12.6 percent year on year to US$57.69 billion last month, when its imports increased 18.6 percent to US$60.35 billion.
The average daily exports for last month’s 23.5 business days increased 15 percent year on year to US$2.455 billion. The exports for the first four months are US$230.6 billion, which topped US$200 billion for the first time ever. South Korea’s exports increased for the 18th consecutive month and the figure increased by more than 10 percent for the 14th consecutive month.
The trade deficit, US$2.66 billion, soared from US$140 million in just one month. The country posted a trade deficit in January as well, although its trade surplus was US$890 million in February. Last month, crude oil, gas and coal imports surged to US$14.81 billion, up US$7.09 billion from a year ago.
Of the country’s 15 major export items, exports of 13 increased, while ship and auto parts exports decreased. For example, semiconductor exports totaled US$10.82 billion with a year-on-year increase of 15.8 percent. Petrochemical exports increased 6.8 percent to US$4.98 billion and petroleum product exports increased 68.8 percent to US$4.96 billion. Steel, computer and biohealth exports increased 21.1 percent, 56.4 percent and 14.2 percent to US$3.37 billion, US$1.67 billion and US$1.26 billion, respectively. Automobile exports increased 6.1 percent to US$4.4 billion.
Exports to China fell 3.4 percent year on year to US$12.94 billion. Those to the CIS region dropped 46.5 percent to US$610 million due to the war in Ukraine and the resultant economic sanctions.