South Korea's export numbers for April showed a continued upward trend for the seventh consecutive month, reaching a total of $56.26 billion. This growth was primarily fueled by the continued demand for chips, resulting in a 56.1% increase in chip exports, marking the sixth consecutive month of growth in this sector. Alongside the chip sector, sales of IT products contributed to the overall export rise.
Finance minister Choi Sang-mok highlighted that these latest trade figures confirmed the ongoing economic recovery of South Korea. The country had experienced its fastest economic growth in over two years during the first quarter, surpassing initial estimates. The surge in exports was also supported by a 10.3% increase in automobile sales, reaching a record monthly export value of $6.79 billion.
Export figures to key destinations like the United States and China saw significant boosts as well. Exports to the United States continued to rise for the ninth consecutive month in April, reaching a record high of $11.4 billion, showcasing a 24.3% increase from the previous month. Similarly, exports to China surged by 9.9%, a noteworthy jump from the slight increase of 0.4% in the previous month. Despite an increase in imports by 5.4% in April, resulting in a trade surplus of $1.53 billion, the surplus was narrower compared to the previous month due to heightened import activity.