South Korea's May Exports Surge Amid Strong Semiconductor Demand

South Korea's exports in May continued their robust performance, reinforcing the increasingly hawkish stance of the Bank of Korea. According to Jin10, despite rising geopolitical and inflation risks, the booming demand for semiconductors has continued to support economic growth. Data released by South Korean customs on Monday showed that, after adjusting for working day differences, exports in May surged by 60.7% compared to the same period last year. Imports increased by 20.8%, resulting in a trade surplus of $26.9 billion. Based on unadjusted raw data, last month's exports grew by 53.2%, exceeding expectations and marking the largest increase since January 1984. In contrast, April's growth was revised to 48%. Semiconductor products once again led the export growth, driven by strong global investment demand in the fields of artificial intelligence and data centers.