South Korea's exports gained 3.7 percent from a year earlier in April, marking a third consecutive month of increase, while outbound shipments to the United States dropped sharply on the Donald Trump administration's hefty tariffs, data showed Thursday.
Outbound shipments came to US$58.2 billion last month, the highest-ever for an April, according to data compiled by the Ministry of Trade, Industry and Energy.
Imports dropped 2.7 percent on-year to $53.3 billion, resulting in a trade surplus of $4.88 billion.
Exports to the US decreased 6.8 percent on-year to $10.6 billion, leading to a $900 million drop in Seoul's trade surplus with the US from a year earlier.
The sharp decline in shipments to the US is attributable to a fall in shipments of automobiles and machinery, the ministry said. On the other hand, shipments of petroleum products, rechargeable batteries and wireless communications equipment to the US increased.
Exports to China rose 3.9 percent on-year to $10.9 billion and exports to the Association of Southeast Asian Nations increased 4.5 percent to $9.4 billion.
Outbound shipments to the European Union surged 18.4 percent to a new monthly record of $6.7 billion, while shipments to India advanced 8.8 percent to $1.7 billion.
By item, semiconductor exports jumped 17.2 percent to reach $11.7 billion, the highest figure for any April, as the price of 8-gigabit DDR4 DRAM went up for the first time in a year, while the demand for high-value products, such as high-bandwidth memory (HBM), also grew.
Exports of wireless communications equipment, including smartphones, expanded 26.5 percent to $1.5 billion, up for the third consecutive month.
Outbound shipments of biohealth products soared 14.6 percent to $1.4 billion, also the highest for any April, and steel shipments added 5.4 percent to $3 billion.
Exports of secondary batteries and ships gained 13.7 percent and 17.3 percent to $700 million and $2 billion, respectively.
But outbound shipments of automobiles, a key export item for South Korea, went down 3.8 percent on-year to $6.5 billion last month on weaker demand for internal combustion engine cars and electric vehicles.
"Exports continued to increase for the third straight month in April, despite a decrease in exports to the US, on larger shipments to other major countries," Industry Minister Ahn Duk-geun said.
"The government will continue to use all available resources to keep the export competitiveness of the country and minimize the impact of US tariffs and other trade uncertainties on our companies," he added. (Yonhap)
