According to data released by the South Korean Customs Agency on May 13th, the export value from May 1st to 10th was 16.811 billion US dollars, an increase of 16.5% compared to the same period last year. The monthly export value has continued to increase for seven consecutive months from October last year to the present.
Looking at the sub projects, semiconductor exports increased by 52% to 3.01 billion US dollars. During this period, semiconductor exports accounted for 17.9% of the total national exports, an increase of 4.2 percentage points compared to the same period last year.
In addition, petroleum products increased by 14.1%, passenger cars by 8.9%, and ships by 193.6%, all performing well.
By region, South Korea's exports to China increased by 9.7% to $3.511 billion in the first 10 days of May, while exports to the United States increased by 12.5% to $2.863 billion.
In terms of imports, South Korea's imports decreased by 6.7% to 17.366 billion US dollars from May 1st to 10th. The import value of semiconductor manufacturing equipment decreased by 25.5%, the import value of passenger cars decreased by 53.3%, and the import value of semiconductors increased by 10.1%.
By region, imports from China decreased by 9.7%, imports from the European Union decreased by 20.9%, and imports from the United States increased by 9.6%.
The trade policy official from the South Korean Ministry of Industry, Commerce, and Resources stated that "as of the 10th, the export volume was in double digits, with most export projects such as semiconductors, wireless communications, automobiles, shipbuilding, and petroleum products showing growth." The official added that "due to the recovery of the information technology (IT) industry and the improvement of major national economies, we have achieved growth. It is expected that exports in May will maintain a strong growth trend after the previous month.".
