South Korea recorded a trade surplus of $2.93 billion in May, a year-on-year increase of 654.5 percent that is contributing in cementing the recovery of the country's economy from the impact of the coronavirus pandemic.

This is the 13th month that the country has recorded a trade surplus, according to the data released by the Ministry of Trade, Industry and Energy on Tuesday.

Compared to May of last year when many countries around the world were under lockdowns, exports grew by 45.6 percent year-on-year to stand at $50.7 billion, driven mainly by the demand for chips, the ministry said.

In turn, imports increased by 37.9 percent over May 2020 to $47.8 billion.