Exports Post Record Growth in May

  • By Kim Kang-han

    June 02, 2021 11:28

    Korea's exports surged 45.6 percent on-year in May, the biggest monthly increase in 32 years.

    Korea exported US$50.7 billion worth of products last month, a record for the month of May. Exports in April and March were also at record levels and not just due to a low base effect last year amid the coronavirus pandemic.

    But the main reason for the stellar performance was a steep increase in prices of semiconductors, petrochemicals, steel and automotive parts on the back of the global economic recovery.

    Hyundai cars wait for shipment in Ulsan in April. /Yonhap

    Shipments increased in all nine major areas of the world for two consecutive months, a feat which occurred for the first time in 10 years. Exports to China rose 22.7 percent to $13.2 billion.

    The Ministry of Trade, Industry and Energy said factory operations are returning to normal in China, resulting in sound exports of steel, petrochemicals and mobile communication products.

    The Ministry of Trade, Industry and Energy said factory operations are returning to normal in China, resulting in sound exports of steel, petrochemicals and mobile communication products.

    Exports to the U.S. surged 62.8 percent to $7.47 billion led by cars and microchips and to the EU 63.8 percent to $4.9 billion after some travel restrictions in the region were eased, resulting in improved private spending and an overall recovery.

    Exports to ASEAN surged 64.3 percent. 

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