South Korea's external trade showed a marked acceleration in May, with exports climbing 53.2% year-over-year on a per-day basis, up from 48.0% in April, according to Bank of America. Imports also expanded, rising 21.5% year-over-year, while the trade surplus widened to $26.9 billion from $23.8 billion in April - a new high.
Technology goods, and semiconductors in particular, were the main driver of export strength. Semiconductor shipments increased 169.4% year-over-year on a per-day basis in May, a slight moderation from the 173.5% gain recorded previously. The chip sector accounted for 42% of total export value for the month.
Other technology categories showed mixed outcomes. Computer exports, dominated by hard disk products, surged 291%, while mobile device exports rose 12.7%.
Outside the tech sphere, some goods supported export growth while others retreated. Vessel exports rose 16.8%, and petroleum exports climbed 47.5%, up from 39.9% in April. By contrast, automotive and auto parts shipments declined 5.9% and 3.0%, respectively. Among intermediate and industrial goods, general machinery exports fell 6.0%, steel products contracted 20.3%, and petrochemical exports increased 11.1%.
Manufacturing activity also reflected strength, with the manufacturing PMI edging up to 54.8 in May from 53.6 in April.
Geographically, export growth accelerated across much of Asia and the United States. Shipments to China rose 80.9% year-on-year, exports to ASEAN countries excluding Vietnam increased 58.4%, and exports to Vietnam grew 61.4%. Exports to the United States accelerated to 59.1% from 54.0. By contrast, export growth to Europe slowed to 2.4%. The decline in exports to the Middle East eased, narrowing to 7.4% from a 24.9% contraction.
Reflecting the stronger external performance, Bank of America revised its forecast for South Korea's current account surplus for 2026, raising the estimate to $289 billion, or 15% of GDP, up from a prior projection of 10.1% of GDP.
Note: All figures cited are year-over-year changes and per-day comparisons where specified, and are presented as reported.