S. Korea’s monthly exports surge past $80bn record for 1st time in March
South Korea’s exports hit a record high for March, surpassing 80 billion US dollars for the first time, up almost 50 percent annually, underpinned by record-high semiconductor exports, government data revealed on Wednesday, Qazinform News Agency cites Yonhap.
Outbound shipments rose 48.3 percent year-on-year to 86.13 billion US dollars, driven mainly by a surge in semiconductor exports, which jumped 151.4 percent to a record 32.83 billion US dollars due to strong global demand and rising chip prices.
Imports increased 13.2 percent to 60.4 billion US dollars, resulting in a trade surplus of 25.74 billion US dollars, according to the data from the Ministry of Trade, Industry and Resources.
Car exports saw modest growth, supported by demand for electric and hybrid vehicles, while petroleum exports surged amid rising oil prices linked to the Middle East conflict. However, fuel export restrictions led to declines in gasoline and diesel shipments. Petrochemical exports grew slightly, though supply disruptions began to emerge.
Exports of computers and batteries rose sharply, and cosmetics and agro-fisheries products also reached record March levels.
By region, exports to China, the U.S., ASEAN, and the EU all increased significantly, while shipments to the Middle East dropped sharply due to ongoing conflict.
The government said it will work to stabilize supply chains and support exporters despite global uncertainties.
Earlier, it was reported South Korea raises fuel prices amid the Middle East crisis.