Korea's semiconductor exports reached $9.96 billion in April, up 56.1% year-on-year

South Korea's exports reached $56.26 billion in April, up 13.8 percent from the same period last year, thanks to growing semiconductor industry demand and higher prices.

South Korea's exports reached $56.26 billion in April, up 13.8 percent from a year earlier, as demand recovers for semiconductors and vehicles, Business Korea reported.

Among them, South Korea's largest export project semiconductor exports reached $9.96 billion, te second highest export in April on record. Year-on-year growth was 56.1 percent, the sixth consecutive month of growth.

While imports, mainly energy, rose in 14 months, the year's cumulative trade surplus reached its highest level in five years due to strong exports, particularly IT and auto exports. Among major exports, 13 of 15 categories, including semiconductors and automobiles, boosted the number of growth this year.

Specifically, semiconductor exports reached $9.96 billion, up 56.1% year on year, growing for the sixth consecutive month and hitting the second highest level in history. Display exports rose 16.3 percent to $1.43 billion, rising for the ninth consecutive month and reaching the highest monthly level this year.

In addition, goods such as computers (76.2 percent) and wireless communication equipment (11.4 percent) grew for four consecutive months and two months, respectively, the biggest increase this year. IT commodities achieved overall export growth for two consecutive months. Auto exports reached a record high of $6.79 billion, a record up 10.3 percent year on year, surpassing the all-time high ($6.53 billion). General machinery exports were $4.68 billion, up 1.5 percent from a year earlier and a record in April.

In terms of export destinations, the export to the US performed well, reaching 11.4 billion US dollars, up 24.3% year on year, surpassing the export scale to China and becoming the largest export country of South Korea. Exports to China grew by 9.9 percent, rising for the second consecutive month to US $10.5 billion.

On the import front, South Korea imported $54.73 billion, up 14.6 percent year on year last month, marking the 14th consecutive month of trade deficit change since February. Especially in the energy sector, imports increased significantly, reaching us $12.5 billion, up 14.6% year on year. Among them, natural gas imports rose 21.9 percent and crude oil imports rose 17.8 percent.

South Korea's trade surplus has remained for 11 consecutive months, with a cumulative trade surplus reaching $10.6 billion in the January-April period of this year, the highest since the same period in 2019. South Korea's industry, Trade and resources minister, said the country's exports remained strong, and the positive growth of exports and trade surplus is expected to continue.