Friday, May 2nd, 2014
SEOUL, KOREA - The monthly export volume hit the US$50-billion level for the second time in history thanks to recovery in the U.S. economy and elsewhere. The Ministry of Trade, Industry, and Energy said on May 1 that the April exports were $50,315 million, up 9.0 percent from the same month last year. The amount of imports for the same month was $45,852 million, 5.0 percent higher than a year ago.
This is the second time for monthly export volume to exceed the $50-billion threshold after October 2010 when the comparable figure was $50,480 million. In all, the trade balance was a surplus of $4,462 million, continuing a surplus rally for 27 consecutive months since February 2012.
By export item, ships (22.7%), automobiles (18.9%), petrochemical products (17.2%), steel products (16.8%), wireless handsets (14.4%), and semiconductors (12.3%) led the growth. For wireless handsets and semiconductors, Samsung's launch of the Galaxy S5 in early April in 125 countries across the world was instrumental in the increase.
The export growth to the United States were led by items such as wireless telecom devices (54.6%), automobiles (26.1%), and home appliances (25.7%). To the Southeast Asian market, the export growth rate for the month was 17.0 percent. In contrast, the exports to the European Union declined 3.2 percent due to a drop in vessel exports. The exports to China also slowed to 2.4 percent year on year from 2.4 percent in February. The trade ministry expected that the May export figures would slow down due to holidays.