South Korea recorded record exports of US$87.7 billion in May 2024 [1].
This surge highlights the country's critical role in the global technology supply chain as semiconductor demand accelerates. The growth signals a strong recovery for the nation's trade balance after periods of volatility.
Semiconductor exports were a primary driver of the increase, exceeding US$37 billion [1]. This performance contributed to a total export growth rate of 53.2% compared to May 2023 [1]. According to reporter Park Ki-wan of YTN News, this growth rate is the largest in 42 years, dating back to 1984 [1].
Despite having fewer working days in the month, the average daily export value reached US$4.28 billion [1]. Total imports for May 2024 were US$60.8 billion [1], resulting in a monthly trade balance of US$26.9 billion [1].
The cumulative trade surplus for the first five months of 2024 has now surpassed US$100 billion [1]. This milestone underscores the scale of the current export boom, a trend heavily reliant on the high-tech sector.
Park said, "May exports recorded 87.7 billion dollars" [1]. He said the scale increased by 53.2% compared to May of last year [1].
“May exports recorded 87.7 billion dollars”
The record-breaking trade data suggests that the global appetite for advanced chips is offsetting other economic headwinds in South Korea. By achieving the highest growth rate since 1984, the Republic of Korea is leveraging its semiconductor dominance to build a massive capital cushion, though this level of concentration makes the national economy highly sensitive to fluctuations in the global tech market.
