(LEAD) trade balance-April

(LEAD) Exports up for 6th month on upbeat shipments of chips, cars

(ATTN: RECASTS lead; ADDS details throughout, photo)

By Kang Yoon-seung

SEOUL, May 1 (Yonhap) -- South Korea's exports jumped 41.1 percent in April from a year earlier, the highest growth in around 10 years, as demand for chips and automobiles stayed strong amid the improving global economy, data showed Saturday.

Outbound shipments came to US$51.1 billion last month, compared with $36.2 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

It marked the sharpest on-year monthly growth since January 2011.

Imports rose 33.9 percent to $50.8 billion, resulting in a trade surplus of $390 million. It marked the 12th consecutive month for the country to post a trade surplus.

The latest figure was in line with the market estimate. According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's April exports were expected to have risen 40.8 percent on-year.

In 2020, the country's outbound shipments came to $512.8 billion, down 5.4 percent from 2019.

Exports of chips advanced 30.2 percent on-year in April to $9.3 billion, extending their gains to a whopping 10 consecutive months.

Outbound shipments of automobiles shot up 73.4 percent on-year to $4.15 billion.

Other major winners included petrochemical and biohealth products.

South Korea said its exports to China and the United States reached the highest-ever level for any April as well. The two countries normally account for around 40 percent of the combined outbound shipments.

The South Korean economy, which contracted 1 percent last year due to the new coronavirus outbreak, is expected to grow in the mid-3 percent range on the back of robust outbound shipments, according to the central bank.

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