SEOUL, KOREA - Exports in May recorded US$47.9 billion. The Ministry of Trade, Industry, and Energy said on June 1 that the May export figure was $47,882 million, down 0.9 percent from the same month last year. As for imports, the figure rose 0.3 percent to $42,533 million. In all, the current account balance for the month was a surplus of $5,349 million. The current account balance has been in surplus for 28 consecutive months since February 2012.

 

By individual item, ship exports had the largest year-on-year growth rate of 30.0 percent, followed by petrochemical products (11.9%), and steel products (9.6%). Meanwhile, wireless communications devices (-10.0%), automobiles (-0.5%), and semiconductors (-1.1%) showed a declining trend.

 

By export destination, the United States and the EU saw an increase of 4.5 percent and 32.0 percent, respectively. In the U.S. market, automobiles and petrochemical products sold well while in the EU market IT components sold briskly. In contrast, the exports to China and Southeast Asia have declined 9.4 percent and 2.0 percent each.