Invest KOREA

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According to Pulse by Maeil Business News Korea,

South Korea’s exports in the first 20 days of March surged by more than 10 percent from the same period a year ago, driven by robust demand for semiconductors and strong exports to China.

According to data released by Korea Customs Service on Thursday, the country’s outbound shipments reached $34.1 billion in the March 1-20 period, up 11.2 percent from the same period last year.

Daily exports also surged 11.2 percent based on the same number of working days.

Korea’s monthly exports have maintained an upward trend for five consecutive months from October. They are expected to stay in the positive territory in March.

The surge in exports in the first 20 days of March was driven mainly by strong demand for semiconductors, the country’s mainstay export item.

Chip exports soared 46.5 percent in the first 20 days of March from the same period a year ago.

Monthly chip exports increased 10.8 percent in November, 19 percent in December, 52.8 percent in January, and 63 percent in February.

Exports of vessels also soared 370.8 percent during the March 1-20 period compared to the same period last year.

Outbound shipments of automobiles, on the other hand, fell 7.7 percent during the cited period. Auto exports had also declined 8.2 percent in February from a year ago.

By region, exports to China gained 7.5 percent during the first 20 days of March while those to the United States also increased 18.2 percent, European Union 4.9 percent, Vietnam 16.6 percent, and Hong Kong 94.9 percent.

Imports stood at $34.8 billion in the first 20 days of March, down 6.3 percent from the same period a year ago, resulting in a trade deficit of $711 million.

Imports of crude oil fell 5.5 percent, gas 37.5 percent, coal 36 percent, and automobiles 14.2 percent, while those of petrochemical products increased 32.1 percent and chips 8.8 percent.

Imports from China fell 9 percent, Japan 5.8 percent, and Australia 22.8 percent.



By Pulse

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Source: Pulse by Maeil Business News Korea (March 21, 2024)