South Korea recorded a record $87.7 billion in exports for May 2024 [1].
This surge underscores the nation's critical role in the global technology supply chain and highlights the recovery of the semiconductor industry. The growth suggests a significant shift in trade momentum that could push the country toward a historic annual milestone.
Semiconductors were the primary engine of this growth, accounting for 42% of the total export volume [1]. This performance contributed to a year-over-year increase of 53.2% compared to May 2023 [1]. According to reports, this represents the largest monthly export growth the country has seen in 42 years [1].
The average daily export amount for the month reached approximately $4.28 billion [1]. While exports soared, imports for May 2024 totaled $60.8 billion [1]. This gap resulted in a monthly trade surplus of $26.9 billion [1].
"Last month, our country's exports reached a record high of 87.7 billion dollars, with semiconductors accounting for 42% of total exports," a YTN News anchor said [1].
The cumulative trade surplus from January through May 2024 stands at $101.98 billion [1]. Driven by the strong demand for chips, analysts now project that total exports for the full year of 2024 could reach $1 trillion [1].
Reporter Park Ki-wan said that the May export figure of $87.7 billion is a confirmed record for the nation [1].
“South Korea recorded a record $87.7 billion in exports for May 2024.”
The heavy reliance on semiconductors, comprising nearly half of all exports, demonstrates South Korea's vulnerability to the volatility of the global chip market. However, the 42-year growth peak suggests that the current AI-driven demand for high-performance computing is providing a massive tailwind for the Korean economy, potentially decoupling its trade performance from other lagging industrial sectors.
