S. Korea's exports jump 45.6%, recovers for 7th straight month in May

South Korea's exports jumped 45.6 percent on year in May to US$50.7 billion due to strong demand for chips amid the global economic recovery, to extend its gains to a seventh consecutive month.

Outbound shipments came to $34.8 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry, and Energy.

The May exports growth was slightly below the market estimate of 47.5 percent on-year based on a poll by Yonhap Infomax, the financial arm of Yonhap News Agency.

Exports of chips advanced 24.5 percent to $10 billion, extending gains to an 11th consecutive month and rising above $10 billion for the first time since 2018.

Those of automobiles soared 93.7 percent, as petrochemical products also surged 94.9 percent.

Exports to the US jumped 62.8 percent on-year, and those to China soared 22.7 percent.

The two countries take up around 40 percent of South Korea's exports.
Shipments to the EU and Southeast Asia also increased jumped 62.8 percent and 64.3 percent.

In 2020, the country's outbound shipments came to $512.8 billion, down 5.4 percent from 2019.

Meanwhile, imports jumped 37.9 percent to $47.8 billion, resulting in a $2.93 billion trade surplus.