Mid-April Exports Hit $50.4 Billion, Semiconductor Sales Reach Record High

Key Takeaways

Mid-April exports reached a record $50.4 billion, a 49.4% increase year-on-year.
Semiconductor exports surged 182.5% to $18.3 billion, marking the highest ever for that month.
Imports also rose significantly, particularly in semiconductors and crude oil, while certain machinery saw declines.

Record High Exports in April

In mid-April, South Korea’s export performance showcased a remarkable increase, reaching $50.4 billion, which reflects a 49.4% rise compared to the same period last year. This figure marks the highest export achievement for mid-April in four years, surpassing the previous record of $36.4 billion in April 2022.

A key driver of this surge was the semiconductor sector, which saw exports skyrocket by 182.5% to $18.3 billion, establishing a new peak for April. Other significant contributors included computer peripherals, which experienced a 399% increase, and petroleum products, up by 48.4%. However, certain sectors faced declines; specifically, passenger car exports fell by 14.1%, and auto parts dipped by 8.8%.

The export growth was particularly notable from key markets, with shipments rising significantly from China (70.9%), the United States (51.7%), Vietnam (79.2%), the European Union (10.5%), and Taiwan (77.1%). Together, the top three markets—China, the United States, and Vietnam—accounted for 51.8% of total exports.

On the imports side, net income increased by 17.7%, reaching $39.934 billion in April. Notably, imports of semiconductors rose by 58.3%, and crude oil imports increased by 13.1%. In contrast, imports of machinery, gas, and petroleum products saw declines of 0.6%, 12%, and 12.5%, respectively.

The increase in imports was driven by growth from China (29.3%), the United States (31.5%), the European Union (25.5%), and Taiwan (47.6%), while imports from Japan dropped slightly by 1.6%. The trade balance, excluding imports, was reported at $10.4 billion as of mid-April, indicating sustained economic activity despite some declines in specific sectors.

Overall, the trade data reflects a robust performance in South Korea’s export landscape, driven largely by the semiconductor industry while also highlighting areas of concern within the automotive sector. This shift indicates a dynamic and evolving market responsive to global demand trends.

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