Korea's exports topped $80 billion for the second straight month. A boom in the semiconductor market, one of Korea's key export items, appears to be driving the growth.
According to the April export and import trends that the Ministry of Trade, Industry and Resources released on the 1st, last month's exports totaled $85.89 billion, up 48% from the same month a year earlier.
Momentum has continued since the first-ever break above $80 billion in March. Since June last year, record monthly results have been set for 11 consecutive months.
Korea's strong exports are analyzed to be thanks to an explosive success in semiconductors riding the AI boom. April semiconductor exports came to $31.9 billion, up 173.5%. Although that was a slight decline from $32.8 billion in March, it was the second-highest monthly export total on record.
Although export volumes of petroleum products fell sharply due to the Middle East war, export value increased. In April, petroleum product export volume fell 36%, but the value rose 39.9% to $5.11 billion.
By contrast, automobile exports fell 5.5% to $6.17 billion. Increased local production following the United States' tariff imposition and logistics problems stemming from the Middle East war appear to be the causes of the export decline.
By region, exports increased in seven of the nine key export markets, including the United States and Japan. Exports to the Middle East fell 25.1% due to the impact of the war.
Imports in April totaled $62.11 billion, up 16.7% from the same month a year earlier. As a result, the trade balance in April recorded a surplus of $23.77 billion.