South Korean Exports Surge in Early April, Driven by Semiconductor Boom
South Korea witnessed a significant 36.7 percent year-on-year surge in its exports during the first 10 days of April, propelled by robust global demand for semiconductors, official data revealed on Monday.
Total outbound shipments for the period of April 1-10 amounted to an impressive $25.2 billion, marking a substantial increase from the $18.4 billion recorded during the equivalent period last year, as reported by the Korea Customs Service.
This remarkable performance established a new record for the nation’s exports during the initial 10 days of any month, eclipsing the prior peak of $21.7 billion achieved in the corresponding period of the preceding month.
Examining specific product categories, semiconductor exports experienced an extraordinary 152 percent year-on-year jump, reaching $8.6 billion. This monumental rise is largely attributed to the ongoing global artificial intelligence (AI) boom, significantly boosting South Korea’s tech exports.
This particular figure represents the highest export value ever registered for semiconductors within the first 10 days of a calendar month.
Significantly, chip exports constituted 34 percent of South Korea’s total export volume during this timeframe, an increase of 15.6 percentage points compared to the same period in the previous year, underscoring their critical role in the national economy.
Additionally, exports of petroleum products also saw a robust increase, climbing 38.6 percent year-on-year to reach $1.8 billion.
However, not all sectors experienced growth. Automobile exports declined by 6.7 percent, totaling $1.7 billion, and shipments of auto parts also saw a dip of 7.3 percent year-on-year, amounting to $654 million, indicating a mixed performance for the automotive sector.
Geographically, exports to China, which remains South Korea’s primary trading partner, surged impressively by 63.8 percent year-on-year, reaching $5.7 billion.
Furthermore, shipments destined for the United States recorded a strong 24 percent rise, hitting $4.3 billion. This growth occurred despite the tariff policies implemented by US President Donald Trump’s administration, as indicated by the trade data.
Overall, imports also saw an increase, climbing 12.7 percent year-on-year to $22.1 billion during the same period. This led to a favorable trade surplus of $3.1 billion for South Korea, according to the latest figures.
Within import categories, semiconductors experienced a 29.7 percent year-on-year increase, and crude oil imports grew by 8.7 percent. Conversely, machinery imports declined by 7.4 percent.
Notably, crude oil imports continued their upward trajectory for the third consecutive month, reaching $2.8 billion in the initial 10 days of April. This follows import figures of $2 billion in the first 10 days of February and $2.3 billion in March, reflecting sustained energy demand.
