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South Korea's April Exports Defy Expectations with 3.7% Growth, Driven by Semiconductor Surge

Despite U.S. tariffs on steel and autos, South Korea's trade surplus reached $4.88 billion as semiconductor exports soared while auto shipments declined.

Shipping containers are seen at Pyeongtaek port in Pyeongtaek, South Korea, April 15, 2025. REUTERS/Kim Hong-Ji/File Photo
Cars are waiting to be exported at a port in Pyeongtaek, about 65 kilometers south of Seoul, on April 29, 2025. (Yonhap)
Image
This illustrated image depicts the Donald Trump administration's tariff policies. (Yonhap)

Overview

  • South Korea's exports rose 3.7% year-on-year in April to $58.21 billion, marking the largest percentage gain in four months.
  • Semiconductor exports surged 17.2%, reflecting robust global demand and driving overall trade growth.
  • Automobile exports fell 3.8%, impacted by U.S. tariffs, although auto parts shipments increased by 3.5%.
  • Exports to the United States dropped 6.8%, while shipments to China grew 3.9% and exports to the European Union hit a record $6.7 billion with an 18.4% increase.
  • Imports declined 2.7% to $53.32 billion, contributing to a $4.88 billion trade surplus, slightly narrower than March's $4.92 billion.