South Korea exports extend gains to 8th straight month in May

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South Korea exports extend gains to 8th straight month in May

[02/06/2024 02:12]

SEOUL-SABA
South Korea's exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors, data showed Saturday.

South Korean News Agency (Yonhap) reported that outbound shipments rose 11.7 percent on-year to US$58.1 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South Korea has been maintaining a trade surplus for 12 consecutive months.

It was also the highest trade surplus in 41 months.

The growth came amid the rising global demand for automotive chips, along with premium memory chips, the ministry said, according to Yonhap.