Seoul: South Korea's exports rose by 3.1 percent in March compared to the previous year, totaling US$58.3 billion, as reported on Tuesday. This marks the second consecutive month of growth, attributed to heightened demand for semiconductors and information technology (IT) products.
According to Yonhap News Agency, data from the Ministry of Trade, Industry and Energy showed that imports increased by 2.3 percent year-on-year to $53.3 billion, resulting in a trade surplus of $4.98 billion. Exports of semiconductors surged by 11.9 percent to $13.1 billion, rebounding from a decline in the previous month due to strong demand for high-value memory products. Other IT products also saw growth, with computer exports rising by 33.1 percent to $1.2 billion, wireless communications devices up by 13.8 percent to $1.3 billion, and display exports increasing by 2.9 percent to $1.5 billion.
Auto exports experienced a 1.2 percent increase to $6.2 billion, as higher shipments of hybrid and internal combustion engine vehicles compensated for a decline in electric vehicle sales. Ship exports surged by 51.6 percent to $3.2 billion, reaching the highest level in 15 months, while bio-health product shipments rose by 13.2 percent to $900 million. Meanwhile, petroleum product exports declined by 28.1 percent to $3.3 billion due to lower international oil prices and scheduled maintenance at major refineries. Steel exports also fell by 10.6 percent to $2.6 billion.
By destination, exports to China fell by 4.1 percent to $10.1 billion, primarily due to weak chip sales. However, exports to the United States increased by 2.3 percent to $11.1 billion. Shipments to ASEAN countries rose by 9.1 percent to $10.3 billion, driven by strong chip and display product sales. Exports to the European Union grew by 9.8 percent to $6.3 billion, fueled by demand for ships and bio-health products. Exports to the Middle East increased by 13.6 percent to $1.8 billion, while shipments to Japan rose by 2.2 percent to $2.2 billion.
Industry Minister Ahn Duk-geun stated that South Korea achieved strong exports and a trade surplus for the second consecutive month in March, with all IT sectors showing increased exports for the first time in eight months, despite ongoing trade uncertainties. He emphasized the government's commitment to using "all available resources" to mitigate uncertainties for export industries through ongoing negotiations with the U.S. administration and the prompt implementation of support measures for local industries.