The Ministry of Trade, Industry and Resources on June 1 released data saying exports last month broke a May record at USD 87.75 billion. Shown is Singamman Pier at Busan North Port in Busan's Nam-gu District. (Busan Port Authority)

By Jeong Euiseok

Exports in May broke an all-time high thanks to soaring demand for semiconductors, placing Korea on the verge of entering the ranks of the world's top five exporting countries.

The Ministry of Trade, Industry and Resources on June 1 released May data on exports and imports saying overseas shipments reached USD 87.75 billion, up 53.2% year on year and the third straight month of over USD 80 billion.

The record-breaking performance was led by semiconductors, whose exports skyrocketed 169.4% to USD 37.16 billion. This surge was led by soaring demand and prices driven by factors like higher investment in artificial intelligence (AI) infrastructure by major American tech companies.

Computer exports nearly tripled (290.7%) thanks to soaring demand for storage devices used in AI servers. Though volume declined 23.8%, exports of petroleum products increased 46.6% as rising global oil prices maintained high unit prices.

Biohealth continued its growth for the seventh consecutive month with exports of USD 1.44 billion, thanks to prescriptions for new high-priced product lines soaring in major markets. Cosmetics exports reached USD 1.18 billion due to the global craze for Korean beauty products.

By market, exports to China jumped 80.9% to USD 18.9 billion and those the U.S. grew 59.1% to USD 15.97 billion.

Imports last month rose 20.8% to USD 60.8 billion, resulting in a trade surplus of USD 26.95 billion.

The government-run Korea Institute for Industrial Economics and Trade projected in its economic and industrial outlook for the second half of the year annual exports of USD 924.4 billion for 2026.

If this forecast is met, Korea, which ranked eighth globally in exports with USD 709.3 billion last year, is expected to enter the list of the world's top five exporters for the first time.

innocence@korea.kr