S. Korea’s exports surge 13.8% in April

South Korea’s exports surged for the seventh straight month in April, driven by high demand for semiconductors and record car sales, according to trade data released on Wednesday, Reuters reported.

Overseas sales rose 13.8 per cent year-on-year to $56.26 billion, exceeding analyst expectations of 13.7 per cent and building on a slower, but still positive, growth trend in March (3.1 per cent).

Chip exports, a key driver of the Korean economy, maintained their growth streak for the sixth month in a row, surging by 56.1 per cent.

Sales of automobiles also hit an all-time high, climbing 10.3 per cent to reach a monthly export value of $6.79 billion, according to the report.

Exports to the United States continued their upward trajectory for the ninth consecutive month, with a significant rise of 24.3 per cent to a record-breaking $11.4 billion.

Shipments to China, Korea’s largest trading partner, also rebounded sharply, increasing by 9.9 per cent after a sluggish performance of 0.4 per cent in March, as per the report.

Despite a rise in imports that reached 5.4 per cent, South Korea managed to maintain a trade surplus of $1.53 billion in April, although lower than the previous month’s surplus of $4.29 billion.

The export data is a confirmation of a sustained economic recovery, said Finance Minister Choi Sang-mok. This follows a strong Q1 where the trade-reliant Korean economy grew at its fastest pace in over two years, exceeding initial estimates.