S. Korea Shatters Export Record on Chip Demand Boom
Outbound shipments — the backbone of an economy where exports account for roughly half of total output — rocketed 53.2 percent year-on-year to $87.75 billion, eclipsing the previous record of $87.2 billion set in March and marking the third consecutive month above the $80 billion threshold.
Daily average exports were equally striking, vaulting 60.7 percent to $4.28 billion — the first time that benchmark has ever breached the $4 billion mark.
On the import side, inbound shipments climbed 20.8 percent to $60.80 billion, leaving the country with a trade surplus of $26.95 billion for the month.
Semiconductors Lead an Unprecedented Surge
Chips were the undisputed engine of growth. Semiconductor exports exploded 169.4 percent to a record $37.16 billion, topping $30 billion for a third straight month. The relentless climb was underpinned by rising fixed memory chip prices driven by accelerating global investment in artificial intelligence infrastructure.
Computer exports surged an even more dramatic 290.7 percent to $4.18 billion, fueled by booming demand for solid-state drives deployed in AI servers. Of South Korea's 20 major export categories, 12 recorded growth.
Mobile phone shipments advanced 12.6 percent to $1.46 billion on robust appetite for next-generation smartphones, while display panel exports expanded 9.4 percent to $1.47 billion.
Automotive and Machinery Sectors Feel the Pressure
Not all sectors shared in the boom. Automotive exports retreated 5.9 percent to $5.83 billion, weighed down by a combination of reduced working days, partial auto parts supply disruptions, logistical bottlenecks stemming from the Middle East conflict, and the impact of U.S. tariff measures.
General machinery shipments also pulled back 6.3 percent to $3.82 billion, pressured by elevated logistics costs tied to ongoing Middle East tensions.
Energy and Materials Paint a Mixed Picture
Shipbuilding exports rose 16.7 percent to $2.61 billion, supported by increasing deliveries of LNG carriers. Oil product shipments expanded 46.6 percent to $5.25 billion amid elevated crude prices, while petrochemical exports grew 11.1 percent to $3.70 billion.
Dubai crude — South Korea's benchmark — averaged $103.2 per barrel in May, a sharp 61.9 percent jump from the same period a year ago.
Steel product exports edged down 2.1 percent to $2.04 billion on softer demand for hot-rolled steel and heavy plates. Conversely, non-ferrous metal shipments surged 41.5 percent to $1.67 billion, driven by strong appetite for copper and aluminum used in AI data center construction.
Geographic Breakdown: U.S. and ASEAN Lead Demand
Exports to the United States surged 59.1 percent to $15.97 billion, propelled by strong chip and computer demand. Shipments to the Association of Southeast Asian Nations jumped 58.4 percent to $15.85 billion, while exports to the European Union posted a modest 2.4 percent gain to $6.19 billion.
Middle East-bound exports declined 7.7 percent to $1.27 billion as persistent geopolitical uncertainty weighed on regional trade flows.
Import Composition Reflects AI Investment Boom
Imports of the three primary energy sources — crude oil, natural gas, and coal — rose 15.9 percent to $11.75 billion. Non-energy imports climbed 22.0 percent to $49.05 billion, buoyed by strong procurement of semiconductor manufacturing equipment and oil products.
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