Exports Post Record Development in May
02 June, 2021
Korea's exports surged 45.6 percent on-year in May, the largest monthly increase in 32 years.
Korea exported US$50.7 billion worth of products previous month, an archive for the month of May. Exports in April and March were also at record levels and not simply due to a minimal base effect this past year amid the coronavirus pandemic.
But the main reason for the stellar performance was a steep upsurge in rates of semiconductors, petrochemicals, metal and automotive parts on the back of the global financial recovery.
Hyundai cars wait for shipment in Ulsan on April. /Yonhap
Shipments increased in all nine major regions of the world for two consecutive months, a feat which occurred for the very first time in a decade. Exports to China rose 22.7 percent to $13.2 billion.
The Ministry of Trade, Industry and Energy said factory operations are returning to normal in China, leading to sound exports of steel, petrochemicals and cellular communication products.
The Ministry of Trade, Industry and Energy said factory businesses are returning to normal in China, leading to sound exports of steel, petrochemicals and cellular communication products.
Exports to the U.S. surged 62.8 percent to $7.47 billion led by cars and microchips and to the EU 63.8 percent to $4.9 billion after some travelling restrictions in the region were eased, leading to advanced private spending and a standard recovery.
Exports to ASEAN surged 64.3 percent.
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