South Korea’s Early Trade Data Reflect Sustained Chip Boom (1)

South Korea’s export growth remained robust in the first 20 days of May, signaling resilient external demand at a time when higher oil prices and broader inflation concerns are complicating the outlook for policymakers.

Exports adjusted for working-day differences climbed 52.6% from a year earlier in the May 1-20 period, according to customs office data released Thursday. That compared with a 49.4% increase during the first 20 days of April.

On an unadjusted basis, shipments rose 64.8%, while imports increased 29.3%, resulting in a trade surplus of $11 billion.

The data suggest South Korea’s export engine ...