South Korea’s exports in April exceeded $80 billion for the second month in a row, showing a nearly 50% increase from the previous year. The Ministry of Trade, Industry and Resources data revealed that outbound shipments reached $85.89 billion, marking the second-highest monthly export figure for the country after March’s record high of $86.6 billion.
Imports also saw a rise of 16.7% year-on-year, totaling $62.11 billion in April. This resulted in a trade surplus of $23.77 billion, making it the second consecutive month with a trade surplus exceeding $20 billion.
The surge in exports was mainly attributed to the semiconductor supercycle. Chip exports soared to $31.9 billion, a remarkable 173.5% increase from the previous year, driven by the demand for AI semiconductors and rising memory chip prices.
Exports of petroleum products also saw a significant increase, reaching $5.11 billion with a 39.9% rise year-on-year, despite a decrease in shipment volume. This was due to the surge in oil prices amid the ongoing conflict in the Middle East.
Computer exports hit a record high of $4.08 billion, marking a 515.8% surge, driven by the global demand for solid-state drives in line with AI sector growth. Additionally, shipments of electrical equipment, cosmetics, and agro-fisheries products all reached record figures for any April, showing increases of 7.6%, 33.4%, and 8.8% respectively.
However, auto exports experienced a 5.5% decline to $6.17 billion in April. This drop was attributed to shipping disruptions caused by the Middle East crisis and Korean carmakers’ response to US tariff policies by expanding production in the United States.
