Business & Economy

South Korea records $390 million April trade surplus

Seoul, May 1 (EFE).- South Korea registered a trade surplus of $390 million in April, thanks to the boom in exports of chips and automobiles, the Seoul government reported Saturday.

The data, the 12th consecutive month in the positive, contrasts with the deficit of $1.66 billion that the South Korean trade balance saw in April 2020.

South Korean exports increased by 41.1 percent in April compared to a year earlier, representing the largest increase in the last decade, and reaching $51.1 billion, according to the preliminary estimate published today by the Ministry of Trade, Industry and Energy.

Imports grew 33.9 percent to $50.8 billion.

The semiconductor sector was one of the main drivers of the year-on-year increase in the trade surplus, with an increase of 30.2 percent in April compared to the same month of 2020, which represents the 10th consecutive month of growth and reaching $9.3 billion.

This increase comes amid a global shortage of semiconductors and a rebound in demand in various industrial sectors.

Sales abroad of automobiles, likewise, grew 73.4 percent to reach $4.15 billion.

Other sectors that saw important advances were petrochemicals and pharmaceuticals.

South Korean exports to China and the United States, which represent around 40 percent of all sales abroad, also reached their highest level to date in April.

Asia’s fourth economy contracted 1 percent in 2020 due to the effects of the coronavirus pandemic, although the South Korean central bank expects it to grow by around 3 percent this year. EFE


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