With the upturn of the global economy stimulating demand for the South Korean semiconductors and cars, the country’s exports witnessed an increase in May – marking the seventh consecutive increase for exports by the country.

The country’s year-on-year exports for the month of May showed a 41.9 percent increase; thereby beating the average forecast of a 38.2 percent growth by analysts in a Reuters’ poll. The notable growth figures were largely spurred by a seven-fold increase in profit reported by Samsung Electronics Co., owing to increased exports; and by the rise in overseas sales of Hyundai Motor Co.

Commenting on the first-quarter growth figures, Brian Jackson, a Hong Kong-based emerging-market strategist at Royal Bank of Canada, said that the data “show no signs yet of any significant impact of the euro-area debt crisis on European demand for Korean exports.”

However, Jackson also said stated that there is still need for a caution with regard to near-term strength of external demand for Korea as well as for the rest of Asia.

Meanwhile, analysts are of the opinion that the despite the fact that South Korea’s annual growth in shipments to the European Union during the first 20 days of May increased two-fold from the April numbers, the country’s overseas sales could moderate in the next few months as the global economy gets affected by the euro zone’s fiscal crisis;,