May exports hit a record $87.75 billion; semiconductors top $30 billion for third straight month

Despite the conflict in the Middle East, exports in May posted the highest monthly figure on record. The surge was driven by record semiconductor shipments, boosted by rising investment in artificial intelligence (AI). Notably, exports excluding semiconductors also rose by more than 16%, showing that overall export momentum has improved. The government said the current trend could make it possible to reach $1 trillion in exports this year.
According to trade data released on the 1st by the Ministry of Trade, Industry and Resources, exports in May rose 53.2% from a year earlier to $87.75 billion, the highest monthly figure ever. Exports topped $80 billion for the third consecutive month.
Semiconductors led the export boom. Semiconductor exports in May jumped 169.4% from a year earlier to $37.16 billion. The increase was driven by continued gains in memory chip prices as Big Tech companies in the United States expanded AI-related capital spending. Semiconductor exports set a new monthly record and exceeded $30 billion for the third straight month. Computer exports also rose 290.7% to $4.18 billion, helped by stronger demand for SSDs used in AI servers.
Exports excluding semiconductors also remained strong. Kang Gam-chan, Director-General for Trade and Investment, said, "Exports excluding semiconductors also increased by 16%." He added, "Considering that even a 5% increase is usually seen as strong, this is an exceptionally high figure." He also noted, "Some other items are not getting much attention because of the bright spotlight on semiconductor growth," and explained that "many categories, including food products and consumer goods, are also showing solid momentum."
Driven by higher oil prices, exports of petroleum products rose 46.6% to $5.25 billion, while petrochemical exports increased 11.1% to $3.7 billion.
Among consumer goods, biohealth industry exports rose for the seventh consecutive month to $1.44 billion. Cosmetics exports increased 24.2% to $1.18 billion, setting a new record for any May. Agricultural and marine food products also climbed 4.7% to $1.07 billion. By contrast, automobile exports fell 5.9% to $5.83 billion.
By region, exports to China surged 80.9% to $18.9 billion, while shipments to the United States rose 59.1% to $15.97 billion. Exports to ASEAN reached $15.85 billion, a monthly record. Exports to the Middle East, however, fell 7.7% to $1.27 billion.
Imports in May rose 20.8% to $60.8 billion. The trade balance posted a surplus of $26.95 billion. As a result, the cumulative trade surplus for January through May reached $101.91 billion, surpassing the previous full-year record for a trade surplus.
The possibility of reaching $1 trillion in annual exports this year was also raised. Kang said, "The figures for January through May are very strong," adding, "If we look at it optimistically, we have hopes that reaching $1 trillion is not an impossible number."
Still, uncertainties remain for the second half of the year. Kim Jung-kwan, Minister of Trade, Industry and Energy, said, "Uncertainty in the trade environment remains, including whether the Arab-Israeli conflict will end, U.S. tariffs, and the European Union's steel tariff-rate quota (TRQ)." He added, "We will work to ease trade risks for our companies and create a stable export environment."
aber@fnnews.com Park Ji-young Reporter