South Korea’s exports saw a significant increase of 49.4% in the first 20 days of April compared to the same period last year. The surge was primarily fueled by strong demand for semiconductors, with outbound shipments reaching $50.4 billion during this timeframe. This marked the highest figure for the first 20 days of April, according to data from the Korea Customs Service.
Imports also rose by 17.7% to $39.9 billion during the same period, resulting in a trade surplus of $10.4 billion. Semiconductor exports notably spiked by 182.5% to $18.3 billion, while shipments of computers and related equipment surged by 399% to $2.2 billion.
Exports of petroleum products increased by 48.4% to $3.2 billion, and ship exports saw a significant rise of 76.6% to $1.8 billion. On the other hand, exports of automobiles and auto parts experienced declines of 14.1% and 8.8% to $3.1 billion and $1.1 billion, respectively.
By destination, exports to China expanded by 70.9% to $11.2 billion, while shipments to the United States climbed by 51.7% to $9.3 billion. Exports to Vietnam, the European Union, and Japan also showed significant increases during this period.
Crude oil imports rose by 13.1% to $4.8 billion in the first 20 days of April, marking the third consecutive month of year-on-year increase. This rise was attributed to the surge in international oil prices due to the ongoing Middle Eastern crisis.
South Korea’s First Vice Finance Minister Lee Hyoung-il acknowledged the strong export performance led by semiconductors but highlighted the challenging global uncertainties. He emphasized the need for swift execution of supplementary budget programs to support exporters and achieve the goal of US$1 trillion in exports by 2030.
