South Korea recorded its strongest export performance for the opening weeks of April on record, with outbound shipments jumping 49.4 percent year-on-year to $50.4 billion in the first 20 days of the month, according to data from the Korea Customs Service. The surge was led overwhelmingly by semiconductors, which saw exports spike 182.5 percent to $18.3 billion over the period. Computers and related equipment soared nearly 400 percent, while petroleum products, ships, and steel also posted solid gains. The result pushed South Korea's trade surplus to $10.4 billion for the period.
The chip-driven rally reflects broader momentum that has been building since the start of the year. Semiconductor exports reached a record $32.83 billion in March alone — nearly 40 percent of total monthly exports — fuelled by rising memory chip prices and surging demand for AI-linked server infrastructure. Economists polled by Reuters project that South Korea's economy, Asia's fourth-largest, returned to growth in the first quarter of 2026, expanding an estimated 1.0 percent on a seasonally adjusted basis after contracting in the final quarter of 2025. Year-on-year GDP growth is forecast at 2.7 percent for the quarter, a marked acceleration from the 1.6 percent recorded previously.
Not all export sectors shared in the gains, however. Automobile and auto parts shipments declined 14.1 percent and 8.8 percent respectively, a sign that some industries remain under pressure. By destination, exports to China rose 70.9 percent and shipments to the United States climbed 51.7 percent, with Vietnam and Japan also posting strong growth.
Looking ahead, economists and government officials have flagged two key risks. The ongoing conflict in the Middle East has disrupted oil and gas supplies from the Gulf region, which is particularly significant for South Korea, which imports around 70 percent of its oil from there. Crude oil imports rose 13.1 percent in the period. Separately, tariffs imposed by major economies add to what officials describe as a challenging global trade environment. Inflation is now forecast to average 2.4 percent this year, up from earlier projections, as higher energy costs filter through.
South Korea's government has moved to cushion exporters from these headwinds. First Vice Finance Minister Lee Hyoung-il, who heads a recently established export support task force, announced plans to accelerate supplementary budget spending, including expanded export vouchers and financial support packages, as part of an ambition to reach $1 trillion in annual exports by 2030. Analysts at BNP Paribas noted that fiscal policy is already helping to absorb the immediate shock from rising energy prices, though the full impact of the Middle East conflict is expected to weigh more heavily on the second quarter.