South Korea’s exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors.

Outbound shipments rose 11.7 percent on-year to US$58.1 billion last month, according to the data compiled by the South Korean Ministry of Trade, Industry and Energy.

Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South Korea has been maintaining a trade surplus for 12 consecutive months.

It was also the highest trade surplus in 41 months, according to South Korea’s News Agency (Yonhap).

By sector, exports of chips jumped 54.5 percent year-on-year to reach $11.38 billion, maintaining growth for seven straight months.

The growth came amid the rising global demand for automotive chips, along with premium memory chips, the ministry said.

Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties.

Source: Qatar News Agency