S Korea May petrochemical exports grow 7.4%, overall shipments up 11.7%

SINGAPORE (ICIS)–South Korea’s petrochemical export value in May grew by 7.4% year on year, with overall shipments posting a double-digit percentage growth on stronger demand from China.

Total exports in May grew to $58.2 billion, while imports dipped by 2.0% to $53.2 billion, data from the Ministry of Trade, Industry and Energy (MOTIE) showed.

Semiconductor exports for the month jumped 54.5% year on year to $11.4 billion.

Automobile exports rose to a record high in May at $6.5 billion, while ship exports more than doubled to $2.1 billion, the ministry said.

Overall May exports to China rose by 7.6% year on year to $11.4 billion, the highest in 19 months, while shipments to the US increased at a faster rate of 15.6% to $10.9 billion.

China, the world’s second-biggest economy, accounts for about a quarter of South Korea’s annual exports.

South Korea is the fourth largest economy in Asia.