SEOUL (Reuters) -South Korea’s exports surprisingly rose in April, led by strong chip sales, trade data showed on Thursday, although the auto sector was weighed by U.S. tariffs.
Exports out of Asia’s fourth-largest economy stood at $58.21 billion in April, up 3.7% from a year earlier. That was faster than a rise of 3.0% in March and the biggest percentage gain in four months.
It beat a median 2.0% loss projected in a Reuters poll, in which 19 of 22 economists expected exports to fall, and even topped the highest forecast of a 0.9% rise.
South Korea is the first major exporting economy to report trade figures each month, providing an early look at the state of global trade.
U.S. President Donald Trump imposed 25% tariffs on auto imports from April 3, after introducing 25% duties on steel imports from March 4. His 10% blanket tariffs also took effect from April 5, while higher “reciprocal” tariffs on major countries, including 25% duties on South Korea, are currently paused for 90 days.
By product, exports of semiconductors rose 17.2%, the biggest jump in four months, while steel products also gained 5.4%, snapping three months of losses.
Automobiles fell 3.8%, but auto parts rose 3.5%, while wireless communication devices and biopharmaceutical products also climbed 26.5% and 21.8%, respectively.
Shipments to the United States fell 6.8%, but those to China rose 3.9%. Exports to the European Union jumped 18.4% to a record high of $6.7 billion.
Imports fell 2.7% to $53.32 billion, after rising 2.3% in the previous month.
The country posted a trade surplus of $4.88 billion in April, slightly narrower than $4.92 billion in March.
(Reporting by Jihoon Lee; Editing by Michael Perry)
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