South Korea's exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors, data showed Saturday. Outbound shipments rose 11.7 percent on-year to US$58.1 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South 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 on-year for 10 consecutive months, rising 15.6 percent to $10.93 billion. Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. Source: Yonhap News Agency
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