South Korean exports increased in six regions including the United States, China, and ASEAN countries from January to May this year.
The Ministry of Trade, Industry, and Energy announced this by holding the 6th export regional manager meeting on the 25th and inspecting the June export situation by major regions.
By region, exports to the United States are showing a steady upward trend across major items, with consumer automobiles (+30%), intermediate semiconductors (+206%), auto parts (+4%), and capital goods general machinery (+37%), setting new monthly record highs for the 10th consecutive month. The export amount from January to May this year also reached a record high of $53.3 billion.
Exports to China recorded $52.7 billion, an increase of 6.1% compared to the previous year, caused by information and communication (IT) item exports such as semiconductors (+37%) and displays (+27%). Even by Chinese standards, South Korea showed the highest growth rate among China’s top five importing countries.
Exports to ASEAN countries recorded the second-highest performance in history with an increase of 7.2%, centered on information and communication (IT) items such as semiconductors (+19%) and wireless communication devices (+19%), along with petroleum products (+9%), and petrochemicals (+20%).
Moreover, exports to India achieved the highest performance in history with an increase of 7.9%. The increase in four of the top five export items, including petrochemicals (+12%), semiconductors (+61%), general machinery (+4%), and petroleum products (+34%).
South Korea’s Minister of Trade Cheong In Kyo evaluated, “South Korea’s exports are showing a strong upward trend in major markets despite the uncertainty of the global economic environment,” adding, “This means that the competitiveness of our export industry is being stably maintained in the world market.”
