South Korean exports rise 13.7 per cent to reach $56.26 billion amid ongoing economic recovery

South Korean exports: South Korea's export figures continued their upward trajectory for the seventh consecutive month in April, according to trade data released on Wednesday. The $56.26 billion in overseas sales represented a 13.8 per cent increase compared to the same period last year, slightly surpassing the 13.7 per cent growth forecast by economists surveyed by Reuters.

This expansion builds on the momentum established since October, albeit at a slower pace than the previous month's 3.1 per cent uptick. Finance Minister Choi Sang-mok underlined that these figures underscored the ongoing economic recovery, particularly following the robust first-quarter growth, which exceeded expectations and marked the fastest pace in over two years.

The surge in exports was primarily driven by the continued strong demand for semiconductor chips, which recorded a notable 56.1 per cent increase for the sixth consecutive month. Additionally, the export of IT products contributed to the overall growth. Of significance was the automotive sector, which saw a 10.3 per cent rise, achieving a record-high monthly export value of $6.79 billion.

In terms of destination markets, exports to the United States extended their upward trend for the ninth straight month, reaching a record high of $11.4 billion, reflecting a 24.3 per cent increase. Meanwhile, shipments to China surged by 9.9 per cent, a significant improvement from the 0.4 per cent rise observed in the previous month.

On the import side, April saw a 5.4 per cent increase to $54.73 billion, marking the first uptick since February 2023, following a 12.3 per cent decline in March. Despite this rise, it fell short of the 6.2 per cent growth expected by economists.

Consequently, South Korea recorded a trade surplus of $1.53 billion in April, a narrower margin compared to the $4.29 billion surplus reported in March.