S. Korea's export volume logs double-digit growth in May

Alsharq Tribune-Otaify 

South Korea's export volume logged a double-digit growth thanks to solid demand for locally-made semiconductors, central bank data showed Tuesday.

The export volume index jumped 14.7 percent in May from a year earlier, continuing to go up since November last year, according to the Bank of Korea (BOK).

In terms of volume, exports for computers, electronic and optical devices surged 25.9 percent on the back of soaring demand for memory chips used for artificial intelligence chipsets.

Export volume for coal and oil products tumbled in double figures, but those for primary metal products and farm goods advanced in double digits.

The export value index spiked 56.8 percent in May from a year earlier due to higher prices for chips and oil products.

The import volume index gained 5.2 percent in the cited month, while the import value index soared 21.3 percent.

The net terms-of-trade index for goods, a ratio of export price to import price, was up 18.7 percent in May on a yearly basis owing to a faster increase in export price than import price.