- Semiconductor and computer-related exports surge, offsetting weaker autos and higher energy costs
- Exports to China and the U.S. rise sharply, led by strong chip demand
- Preliminary trade surplus reaches $23.77 billion
SEOUL, May 1 (Reuters) - South Korean exports rose for an 11th month in April, beating forecasts, as the global appetite for artificial intelligence infrastructure boosted semiconductor sales to offset jitters from the Middle East conflict.
Exports from Asia's fourth-largest economy, a bellwether for global trade, jumped 48.0% from a year earlier, government data showed on Friday, exceeding a median 45.3% increase forecast in a Reuters poll.
Semiconductor exports rose 173% from a year earlier, buoyed by rising contract prices for memory chips, the industry ministry said in a statement. Shipments of petroleum products rose 40% on higher crude prices, while computer-related exports also soared 516%, driven by strong demand for solid-state drives amid the AI boom.
Automobile exports fell 5.5% from a year earlier, weighed down by the Middle East tensions and expanding U.S. car production, the ministry said. Exports of electric and hybrid vehicles, however, rose 23% and 9%, respectively.
By country, South Korea's exports to China jumped 63% and those to the U.S. grew 54%, both led by semiconductors.
Imports increased 16.7% in April from a year ago, also outpacing a 14.5% gain tipped in the poll.
The trade figures land just days after chip giants Samsung Electronics and SK Hynix <000660.KS> reported blockbuster quarterly profits, in a sign the chip crunch is helping the export-led economy to weather the downside risks stemming from the ongoing conflict involving Iran.
Samsung Electronics on Thursday said the profit gains were driven by a 49-fold jump in chip income, days after SK Hynix reported its profit climbed on a five-fold jump in earnings.
"While the Middle East conflict has driven crude oil imports up for a third consecutive month, high-margin tech shipments and a surge in exports of computer peripherals are more than offsetting energy costs," said Park Chong-hoon, an economist at the Standard Chartered Bank Korea.
The preliminary trade surplus was $23.77 billion.
Reporting by Cynthia Kim and Heejin Kim; Editing by Christian Schmollinger, Ed Davies
Source: Reuters