By Cynthia Kim
SEOUL, May 1 (Reuters) – South Korean exports rose for an 11th month in April, beating forecasts, as the global appetite for artificial intelligence infrastructure boosted semiconductor sales to offset jitters from the Middle East conflict.
Exports from Asia’s fourth-largest economy, a bellwether for global trade, jumped 48.0% from a year earlier, higher than a median 45.3% increase forecast in a Reuters poll.
Imports increased 16.7% in April from a year ago, also beating a 14.5% gain tipped in the poll.
The trade figures land just days after chip giants Samsung Electronics and SK Hynix <000660.KS> reported blockbuster quarterly profits, in a sign the chip crunch is helping the export-led economy to weather the downside risks stemming from the ongoing conflict involving Iran.
Samsung Electronics on Thursday said the profit gains were driven by a 49-fold jump in chip income, days after SK Hynix reported its profit climbed on a fivefold jump in earnings.
“While the Middle East conflict has driven crude oil imports up for a third consecutive month, high-margin tech shipments and a surge in exports of computer peripherals are more than offsetting energy costs,” said Park Chong-hoon, an economist at the Standard Chartered Bank Korea.
The preliminary trade surplus was at $23.77 billion.
(Reporting by Cynthia Kim; Editing by Christian Schmollinger)
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