SEOUL, June 1 (Xinhua) -- South Korea's exports posted a double-digit growth last month, marking a rebound from a slight fall in the previous month thanks mainly to strong global demand for locally-made semiconductors and oil products, a government report showed Friday.
Exports, which account for about half of the export-driven economy, amounted to 50.98 billion U.S. dollars in May, up 13.5 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.
The outbound shipment fell 1.5 percent in April, ending the 17th consecutive month of expansion, but it rebounded in May by rising by a double digit.
The exports surpassed 50 billion U.S. dollars for the third straight month, recording a double-digit increase in four months.
Higher export prices contributed mainly to the double-digit expansion. The export unit price jumped 11.4 percent in May from a year earlier. In terms of volume, exports added 1.9 percent.
Robust demand continued for locally-made chips. Exports of semiconductors surged 44.5 percent on the booming in the global information and telecommunications sector.
Chip exports reached a new monthly high of 10.85 billion U.S. dollars in May, exceeding 10 billion dollars for the second time in history. The chip exports accounted for 21.3 percent of the total.
Oil product shipments jumped 37.6 percent on expensive crude oil. Exports of other major export items gained on recovering manufacturing industries in China and the United States, the worlds top two economic powerhouses.
Exports for computers, petrochemical, general machinery, auto parts, textiles logged a double-digit expansion last month, with those for automobiles and telecommunications devices, such as smartphones, gained ground.
Smartphone exports slowed down recently as local manufacturers increased production in overseas factories, but it marked the first rebound in 26 months on the launch of new flagship models.
Shipments of home appliances and display panels tumbled by a double digit, while ship exports plunged 67 percent. Steel exports inched down 0.1 percent last month.
Display panel shipments maintained a double-digit slide since February on weak demand for liquid crystal display (LCD) and organic light-emitting diode (OLED) panels and fiercer competition with Chinese companies.
Home appliance shipments also fell on stiffer competition in the global market and increased production by local manufacturers in overseas factories.
By region, exports to China, South Koreas biggest trading partner jumped 30 percent on strong chip shipment and economic recovery in the worlds No.2 economy that led to solid demand for petrochemical and general machinery.
Shipment to the United States, the countrys No.2 trading partner, climbed 11.8 percent in May, rebounding in four months on demand for general machinery, chips and auto parts that offset reduced demand for automobiles, steel and home appliances.
Those to the European Union (EU) rebounded last month on solid demand for ships, cars, machinery and textiles.
Exports to India and Japan posted a double-digit increase, but those to Vietnam declined as local companies began to build products in Vietnamese plants.
Imports advanced 12.6 percent from a year earlier to 44.25 billion dollars in May, sending the trade surplus to 6.73 billion dollars. The trade balance stayed in black for 76 months in a row.
For the first five months of this year, exports increased 8.2 percent to 246.4 billion dollars compared with the same period of last year. It was the largest-ever in the cited period.
Imports amounted to 220 billion dollars in the January-May period, raising the trade surplus to 26.5 billion dollars.
