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S. Korea's exports set to maintain growth in May: trade minister

May 27, 2024 - 11:32 By Yonhap
Shipping containers stacked in the container terminal at Busan Port in Busan, South Korea. (Getty Images)

South Korea is expected to maintain growth in exports for May amid robust performances in chips and automobiles, the trade minister said Monday.

The remark came after exports expanded 13.8 percent year-on-year to $56.2 billion in April, the seventh consecutive monthly gain, driven by strong demand for semiconductors and vehicles.

"Exports have been expanding across most regions, including the United States, China and the ASEAN bloc," Trade Minister Cheong In-kyo said during a government meeting reviewing the country's exports. "The trend is expected to continue in May, with the country posting export growth and a trade surplus."

Over the January-April period, exports to six out of nine major destinations increased, with those to the US rising 17.7 percent over the period.

The ministry attributed the growth to the robust performance of chips, with other major contributors including automobiles, machinery and display products.

Cheong added that the government will continue to make efforts to achieve record performance this year. South Korea earlier announced its goal to achieve annual outbound shipments of $700 billion.

South Korea will announce the monthly export performance for May on Saturday. (Yonhap)