ETFs tracking South Korea have moved higher again. At the time of writing, TR Korea (02848) was up 5.52% to HK$2,141. CSOP Korea Technology ETF (03431) rose 3.4% to HK$12.16. Samsung Global Semiconductor (03132) gained 2.62% to HK$69.84.
On the news front, latest data from South Korea's Ministry of Trade, Industry and Energy shows exports in May, adjusted for working-day differences, surged 60.7% year-on-year. Imports for the month grew 20.8%, resulting in a trade surplus of $26.9 billion.
On an unadjusted basis, May exports increased 53.2% from a year earlier, marking the largest monthly gain since 1984. By destination, exports to China jumped 81%, while those to the United States rose 59%, reflecting strong demand fueled by the global AI boom.
Economist Hyosung Kwon noted that the acceleration in South Korea's May exports highlights the resilience of external demand despite uncertainties such as the war in Iran.
The data suggests upside risks to second-quarter economic growth and further strengthens the rationale for the Bank of Korea to begin raising interest rates starting in July.
The Bank of Korea has already raised its economic growth forecast for this year to 2.6% from a prior 2.0%, reflecting an upcycle driven by semiconductors.
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