South Korea's exports hit record high on chip demand
South Korea’s exports reached a record monthly high in May, driven by surging global demand for locally manufactured semiconductors, government data showed on Monday, News.Az reports, citing Xinhua.
Outbound shipments, which account for about half of the country’s export-dependent economy, rose 53.2% year-on-year to 87.75 billion U.S. dollars in May, according to the Ministry of Trade, Industry and Resources.
The figure surpassed the previous record of 87.2 billion dollars set in March, marking the third consecutive month that exports remained above the 80-billion-dollar level.
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Daily average exports also jumped 60.7% to 4.28 billion dollars, exceeding the 4-billion-dollar mark for the first time.
Imports increased 20.8% to 60.80 billion dollars during the same period, resulting in a trade surplus of 26.95 billion dollars.
Out of the country’s 20 major export categories, 12 recorded growth in outbound shipments.
Semiconductor exports surged 169.4% to an all-time high of 37.16 billion dollars, remaining above 30 billion dollars for the third consecutive month. The sharp rise was fueled by continued increases in memory chip prices amid expanding investment in artificial intelligence (AI) infrastructure.
Computer exports soared 290.7% to 4.18 billion dollars, supported by strong demand for solid-state drives (SSDs) used in AI servers.
Mobile phone exports rose 12.6% to 1.46 billion dollars, driven by demand for new smartphone models, while display panel exports increased 9.4% to 1.47 billion dollars.
In contrast, automotive exports fell 5.9% to 5.83 billion dollars due to fewer working days, partial disruptions in auto parts supply, logistics challenges linked to Middle East tensions, and the impact of U.S. tariff measures.
Ship exports climbed 16.7% to 2.61 billion dollars, supported by increased deliveries of liquefied natural gas (LNG) carriers.
Oil product exports rose 46.6% to 5.25 billion dollars amid higher global oil prices, while petrochemical exports increased 11.1% to 3.70 billion dollars.
Dubai crude oil averaged 103.2 dollars per barrel in May, up 61.9% compared to the same month last year.
Steel product exports declined 2.1% to 2.04 billion dollars due to weaker demand for hot-rolled steel and heavy plates. However, non-ferrous metal exports rose 41.5% to 1.67 billion dollars, supported by strong demand for copper and aluminum used in AI data centers.
General machinery exports dropped 6.3% to 3.82 billion dollars, affected by higher logistics costs linked to Middle East tensions.
Exports to the United States surged 59.1% to 15.97 billion dollars, driven by strong demand for semiconductors and computers.
Shipments to the Association of Southeast Asian Nations rose 58.4% to 15.85 billion dollars, while exports to the European Union increased 2.4% to 6.19 billion dollars.
Exports to the Middle East fell 7.7% to 1.27 billion dollars amid ongoing geopolitical risks.
On the import side, purchases of three major energy sources—crude oil, natural gas, and coal—rose 15.9% to 11.75 billion dollars.
Non-energy imports increased 22.0% to 49.05 billion dollars, driven by strong demand for semiconductor equipment and refined oil products.
By Nijat Babayev
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