Korea’s Exports Continue their Growth Trend in March

Recording trade surplus of $4.28 billion
Korea’s exports in March continued their growth trend for the sixth consecutive month despite a decrease in the number of working days, marking the tenth consecutive month of trade surplus. Semiconductor exports, the country’s largest export item, drove this growth by achieving their highest performance in 24 months.
According to the nation’s Ministry of Trade, Industry and Energy, exports in March totaled $56.56 billion, a 3.1% increase year-on-year, while imports recorded $52.28 billion, a 12.3% decrease over the same period. Consequently, the trade balance ― exports minus imports ― reached $4.28 billion, marking a streak of surpluses for the tenth consecutive month.

March exports were very positive, increasing compared to the previous year despite a 1.5 working days decrease (two-day on weekdays). Average daily exports, adjusted for working days, also recorded $2.51 billion ― a 9.9% increase from the previous year.
This trade surplus was the result of increased exports in seven of the 15 major export items. In particular, IT items (semiconductors, displays, computers, and wireless communication devices) led the nation’s exports by recording positive growth for the first time in 24 months since March 2022.
Exports of semiconductors, the largest export item, reached $11.7 billion in March ― marking the highest performance in 24 months since March 2022 ($13.1 billion) and continuing a positive trend for five consecutive months.
Exports of displays increased by 16.2% year-on-year, showing an upward trend for eight consecutive months, while computer SSDs rose by 24.5%, marking three consecutive months of growth.
Exports of wireless communication devices increased by 5.5%, breaking a three-month negative trend and turning positive.
Meanwhile, exports of ships surged by a massive 102.1%, continuing their positive trend for eight consecutive months. Exports of biohealth products also rose by 10.0%, marking five consecutive months of growth. In addition, exports of petroleum products also turned positive after just one month.
By region, exports to China (+0.4%), Korea’s largest export destination, recorded positive growth in March, following January. Notably, the daily average export figure ($470 million), adjusted for working days, increased by 7.1%, maintaining a positive trend for four consecutive months since December of last year.
Exports to the United States reached $10.9 billion (+11.6%), recording a double-digit growth rate and continuing an upward trend for eight consecutive months, setting a new record for the highest export value ever for the month of March. Meanwhile, exports to Central and South America (+14.4%) also continued a positive trend this year, increasing for three consecutive months.

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