Exports rose 21.3% from a year earlier to US$61.52bil (RM270bil), trade ministry data showed, beating the forecast for 19.3% growth in a Reuters poll and well ahead of a 12.9% rise in April.
SEOUL: South Korea’s exports grew at a faster pace in May than a month earlier as a rise in shipments to Europe and the United States more than offset disruptions to trade with China from its strict Covid restrictions.
Exports rose 21.3% from a year earlier to US$61.52bil (RM270bil), trade ministry data showed, beating the forecast for 19.3% growth in a Reuters poll and well ahead of a 12.9% rise in April.
South Korea’s monthly trade data, the first to be released among major exporting economies, is considered a bellwether for global trade.
Shipments to the United States jumped 29.2% from a year earlier, above April’s 26.6%, while exports to the European Union gained 23.5%.
Lockdowns in China have snarled logistics and supply chains, hammering trade in the region.
Exports to China grew just 1.2% in May from a year earlier after declining 3.4% in April.
Imports, meanwhile, jumped 32% to US$63.22bil (RM277bil). That brought the trade balance to a US$1.71bil (RM7.5bil) deficit, after logging a US$2.51bil (RM11bil) deficit in April.
“May this year had more working days compared to last year. Exports to the United States and Europe continue to be strong, although China-bound exports and shipments to Hong Kong remain weak amid their Covid policies,” said Park Sang-hyun, an analyst at HI Investment and Securities. — Reuters
