South Korea Exports Surge 53.2% in May, Chip Sales Hit Record on AI Boom

South Korean exports surged 53.2% in May from a year earlier to a record $87.75 billion, the fastest annual growth since January 1984, as semiconductor sales hit an all-time high fueled by global AI investment, preliminary data showed Monday. Chip exports jumped 169.4% to a record $37.16 billion, and computer sales soared 290.7% on AI server demand, the trade ministry said. Petroleum products rose 46.6%, but automobile shipments fell 5.9% due to Middle East supply disruptions and U.S. tariffs. Imports increased 20.8% to $60.80 billion, yielding a record trade surplus of $26.95 billion. The Bank of Korea last week raised its 2025 growth forecast to 2.6% from 2.0% after the trade-reliant economy posted its strongest expansion in nearly six years last quarter on booming chip exports.