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Overseas sales by Asia's fourth-largest economy rose 11.7%
year-on-year to $58.15 billion, a 22-month high, slowing from a
gain of 13.8% in the prior month and undershooting a rise of
14.2% tipped in a Reuters survey of economists.
Exports of chips grew for a seventh consecutive month, rising
54.5%, along with gains in other IT products such as display
panels, computers and wireless communication devices. Exports of
automobiles rose 4.8%, while ships surged 108.4%.
By destination, exports to the United States rose for a 10th
month, up 15.6%, while China-bound shipments extended gains for
a third straight month by rising 7.6% to $11.4 billion, a
19-month high. It was the first time in four months that
shipments to China had exceeded those to the United States.
"Exports are building a strong upward momentum," said trade
minister Ahn Duk-geun. "The government will provide all-out
support for the upward trend to continue through the year-end."
Imports fell 2.0% in May to $53.19 billion, after a 5.4% gain in
April, which was the first increase in 14 months. The fall
compared with economists' forecast for a gain of 3.3%.
As a result, the country posted a trade surplus of $4.96 billion
in May, widening from a surplus of $1.53 billion in April and
marking the biggest since December 2020.
(Reporting by Jihoon Lee; Editing by Shri Navaratnam)
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