South Korea April Exports Surge

South Korea's exports reached $85.89 billion in April, marking the second consecutive month above $80 billion and the second-highest monthly figure ever. This surge, a 48% increase year-on-year, was primarily driven by a semiconductor supercycle, with chip exports spiking 173.5% to $31.9 billion due to high demand for AI semiconductors and rising memory chip prices. Exports of petroleum products also soared by 39.9% to $5.11 billion, despite decreased volume, attributed to higher oil prices from the Middle East conflict. Conversely, auto exports dropped 5.5% to $6.17 billion, partly due to shipping disruptions from the Middle East crisis and Korean carmakers' expanded production in the United States in response to Washington's tariff policies. Exports to China, the United States, and the ASEAN saw significant increases, while shipments to the Middle East declined. South Korea recorded a trade surplus of $23.77 billion, extending its surplus streak to 15 months.