Export volume last month reached USD 50.73 billion, a record high for May. Pictured here is the wharf Sinseondae at the Port of Busan on May 21. (Yonhap News)

By Lee Jihae

Export growth last month saw a 32-year high of 45.6% from May last year.

This was thanks to the rise in shipments of semiconductors, cars and petrochemicals due to global economic recovery.

The Ministry of Trade, Industry and Energy on June 1 said May exports last month reached USD 50.73 billion, up 45.6% year on year.

Exports thus rose for the seven consecutive month since November last year and exceeded USD 50 billion for the third straight month.

Export growth in May was second only to the 52.6% achieved in August 1988. The ministry also said with April shipments rising 41.2%, exports for the first time also grew at least 40% for two straight months.

All 15 main export items except ships saw growth like semiconductors, cars and petrochemicals.

Shipments to all nine of Korea's major markets increased including to China (22.7%), the U.S. (62.8%), the European Union (62.8%) and member states of the Association of Southeast Asian Nations (64.3%).

As for imports, the figure last month was USD 47.81 billion, up 37.9%.

The country thus saw its 13th straight month of trade surplus with USD 2.93 billion.

Meanwhile, the Organisation for Economic Co-operation and Development (OECD) on May 31 also raised its forecast for Korea's economic growth to 3.8% this year.

This is up from its outlook of 3.3% made in March.

In an economic outlook report, the OECD said Korea's economic recovery is growing stronger thanks to strong exports and expansionary fiscal policy, with the spread of COVID-19 getting stagnant.

jihlee08@korea.kr