Exports extend gains for 8th straight month in May

Busan Port is seen in this file photo. Yonhap

Korea's exports extended year-on-year gains for the eighth straight month in May on the back of strong shipments of semiconductors, data showed Saturday.

Outbound shipments rose 11.7 percent year-on-year to $58.1 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports shed 2 percent to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. Korea has been maintaining a trade surplus for 12 consecutive months.

It was also the highest trade surplus in 41 months.

By sector, exports of chips jumped 54.5 percent year-on-year to reach $11.38 billion, maintaining growth for seven straight months.

Outbound shipments of display products also rose 15.8 percent over the period to $1.63 billion, the highest monthly figure for 2024.

Car exports moved up 4.8 percent to $6.49 billion, the highest for any May.

Other major gainers included petroleum, electronics, petrochemical and textile products.

By destination, exports to China came to $11.38 billion, up 7.6 percent from a year earlier, the highest in 19 months.

Shipments to the United States also moved up for 10 consecutive months, rising 15.6 percent to $10.93 billion.

Outbound shipments decreased 7.4 percent in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. (Yonhap)