South Korea’s exports demonstrated exceptional strength in April, surpassing the US$80 billion mark for the second consecutive month. Propelled by robust global demand for semiconductors, the nation’s outbound shipments surged by an impressive 48 percent year-on-year, reaching a total of $85.89 billion, according to recent data from the Ministry of Trade, Industry and Resources.
This robust performance positions April as the second-highest monthly export total in South Korea’s history, closely following the record-breaking $86.6 billion achieved in March.
Concurrently, imports increased by 16.7 percent year-on-year to $62.11 billion last month, culminating in a substantial trade surplus of $23.77 billion. This marks the second consecutive month South Korea has maintained a trade surplus exceeding $20 billion, highlighting a strong balance of trade.
The ministry primarily attributes this sharp escalation in exports to the ongoing semiconductor supercycle, a period characterized by exceptionally high demand and rising prices within the chip industry.
Leading this surge, semiconductor exports skyrocketed by an astounding 173.5 percent from a year ago to reach $31.9 billion. This figure represents an all-time high for April, fueled by persistent global demand for advanced artificial intelligence (AI) semiconductors and the sustained upward trend in memory chip prices.
Beyond semiconductors, petroleum product exports also saw a significant rise, increasing by 39.9 percent year-on-year to $5.11 billion. This growth occurred despite a decrease in shipment volume, primarily driven by surging global oil prices exacerbated by the ongoing conflict in the Middle East, according to the ministry.
Specifically, the volume of outbound shipments for gasoline, diesel, and kerosene products experienced declines of 43 percent, 23.2 percent, and a dramatic 99.9 percent, respectively. This reduction in volume was a direct result of the Seoul government implementing export restrictions on these items in mid-March to stabilize the domestic fuel market and ensure national supply.
Computer exports registered an astonishing 515.8 percent increase, reaching an unprecedented $4.08 billion—the highest monthly figure on record. This monumental growth is attributed to the expanding global demand for Solid State Drives (SSDs), closely tied to the explosive growth of the AI sector.
Other sectors also contributed significantly to the export surge. Shipments of electrical equipment, cosmetics, and agro-fisheries products expanded by 7.6 percent, 33.4 percent, and 8.8 percent year-on-year, respectively. These categories reached $1.57 billion, $1.37 billion, and $1.22 billion, with each achieving record figures for any April, showcasing diversified growth.
However, not all sectors experienced growth. Automobile exports saw a 5.5 percent decline, totaling $6.17 billion in April. This downturn is attributed by the ministry partly to ongoing shipping disruptions stemming from the Middle East crisis, as well as Korean carmakers strategically increasing production within the United States in response to Washington’s evolving tariff policies.
Analyzing export destinations reveals varied performances. Exports to China recorded a substantial 62.5 percent year-on-year jump, reaching $17.7 billion in April. This marks the sixth consecutive month of growth, driven primarily by robust Chinese demand for South Korean semiconductor and IT products.
Similarly, shipments to the United States increased by 54 percent from the previous year, totaling $16.33 billion. This growth was largely due to heightened demand for semiconductors and computers, which successfully offset a reduction in exports of automobiles and machinery to the U.S. market.
The Association of Southeast Asian Nations (ASEAN) proved another key growth market, with shipments surging by 64 percent to $15.41 billion. Exports to the European Union also saw a positive trend, climbing 8.5 percent to $7.19 billion.
In contrast, exports to the Middle East experienced a significant downturn, tumbling 25.1 percent year-on-year to $1.27 billion. The ministry cited the prolonged conflict between the US and Iran as a contributing factor to this decline.
Commenting on these impressive figures, Industry Minister Kim Jung-kwan stated in a press release, “South Korea has achieved a historic milestone, with monthly exports exceeding $80 billion and a trade surplus of over $20 billion for the second consecutive month in April. This remarkable achievement comes even amidst the persistent challenges posed by the Middle East conflict, underscoring the resilience and dynamism of our economy.”
