SOKOR EXPORTS ZOOM IN MAY 2021 BY 45.6% COMPARED TO MAY 2020

South Korea's exports jumped 45.6 percent on-year in May to extend their gains to a seventh consecutive month due to strong demand for chips amid the global economic recovery, underscoring a rebound from the pandemic-caused slump, data showed Tuesday. Kang Yoon-seung reported for Yonhap News Agency.

Outbound shipments came to $50.7 billion last month, compared with $34.8 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports rose 37.9 percent to $47.8 billion, resulting in a trade surplus of $2.93 billion. It marked the 13th consecutive month for the country to post a trade surplus.

The May exports growth was slightly below the market estimate. According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's May exports were expected to rise 47.5 percent on-year.

By segment, exports of chips advanced a whopping 24.5 percent to $10 billion, extending gains to the 11th consecutive month. They rose above the $10 billion thresholds for the first time since 2018.

The ministry attributed the growth to demand for fifth-generation network smartphones and expanded investment from data center operators.

Stronger demand for laptops amid the COVID-19 pandemic also helped the growth.

Despite the global supply shortages of automotive chips, outbound shipments of automobiles jumped 93.7 percent to $3.49 billion due to strong demand for premium models including sports utility vehicles.

The recovery of the global economy led to more demand for petrochemical products from various industries, leading to growth of 94.9 percent on-year to $4.5 billion.

Exports of mobile devices also shot up 41.4 percent to $1.19 billion on strong demand from Europe.

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