Korean Exports

Korean Exports Continuing to Increase for Six Consecutive Months

Korea’s exports in March 2024 recorded US$56.56 billion, a 3.1% increase compared to the same month of last year. The trade balance, which subtracts imports from exports, was calculated to be a surplus of $4.28 billion.
According to the export trends for March 2024 announced by the Ministry of Trade, Industry and Energy (MOTIE), exports in March increased by $1.44 billion compared to the same month of last year, continuing an increase for six consecutive months. MOTIE found it encouraging that exports continued to increase in spite of poor conditions including working days.
By item, exports of seven out of 15 major export items increased. In particular, IT items (semiconductors, displays, computers, and wireless communication devices) all recorded positive figures for the first time in 24 months since March 2022.
Semiconductor exports (+35.7%), the largest export item, recorded $11.7 billion, the highest performance in 21 months since June 2022 ($12.3 billion). Display (+16.2%) and computer SSD (+24.5%) exports also increased for eight and three consecutive months, respectively. Exports of wireless communication devices (+5.5%) broke the negative trend that had lasted for three months and turned positive.
Ship exports increased by 102.1%, continuing a positive trend for eight consecutive months. The future outlook for the shipbuilding industry is bright as exports of high-value-added vessels such as container ships and LNG carriers are showing strong growth, and exports of offshore plants are also continuing.
Bio-health exports also increased by 10%, continuing the trend of increase for five consecutive months.
Korean exporters are continuously seeking to expand their business territories – and thus to elevate their global awareness in world markets.
For the 4th issue of Korea Buyers Guide (Electronics), we are about to introduce some Korean exporters with globally competitive export items.

  
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