S. Korea's export grows for 8th month in May-Xinhua

S. Korea's export grows for 8th month in May

Source: Xinhua

Editor: huaxia

2024-06-01 17:29:45

SEOUL, June 1 (Xinhua) -- South Korea's export grew for the eighth consecutive month in May due to strong global demand for locally-made tech products and automobiles, government data showed Saturday.

Export, which accounts for about half of the export-driven economy, rose 11.7 percent over the year to 58.15 billion U.S. dollars in May, according to the Ministry of Trade, Industry and Energy.

The outbound shipment kept an upward trend since October last year. The daily average export gained 9.2 percent to 2.64 billion dollars last month.

Import shrank 2.0 percent from a year earlier to 53.19 billion dollars in May, sending trade surplus to 4.96 billion dollars. Trade balance stayed in black for 12 successive months since June last year.

Of the country's 15 major export items, 11 products saw an increase in outbound shipment.

Semiconductor shipment mounted 54.5 percent over the year to 11.38 billion dollars in May, maintaining an upward momentum for the seventh straight month.

The double-digit expansion was attributed to higher prices for memory chips and stronger demand in the overall IT industry.

Display panel export advanced 15.8 percent to 1.63 billion dollars last month on the back of robust demand for flat screens used for cars and smartphones.

Mobile phone export expanded 9.4 percent to 1.25 billion dollars, while computer shipment surged 48.4 percent to 1.04 billion dollars on higher price for solid state drive.

Automotive export increased 4.8 percent to 6.49 billion dollars on solid demand for expensive eco-friendly vehicles and sport utility vehicles.

Shipment for oil products and petrochemicals climbed in the single digits to 4.61 billion dollars and 4.09 billion dollars each amid higher crude oil prices.

Dubai crude, South Korea's benchmark, averaged 84 dollars per barrel in May, up 12.1 percent compared with the same month of last year.

Export for home appliances and textiles rose in the single digits to 720 million dollars and 960 million dollars each, but those for steel products and secondary batteries fell in double figures to 2.92 billion dollars and 640 million dollars respectively.

General machinery shipment lost 1.5 percent to 4.40 billion dollars, while auto parts export reduced 5.3 percent to 1.84 billion dollars.

Export to the United States swelled 15.6 percent over the year to 10.93 billion dollars in May, continuing to rise for the 10th consecutive month.

Shipment to the Association of Southeast Asian Nations jumped 21.9 percent to 10.19 billion dollars, but export to the European Union declined 2.2 percent to 5.72 billion dollars.

Export to Japan, Latin America, India and the Middle East went up to 2.63 billion dollars, 2.50 billion dollars, 1.68 billion dollars and 1.60 billion dollars respectively.

Regarding import items, import of three major energy resources, crude oil, natural gas and coal, added 0.3 percent over the year to 11.7 billion dollars in May.

Non-energy import shed 2.6 percent to 41.49 billion dollars in May compared with the same month of last year on lower demand for foreign cars and consumer goods.