Confirmed March Exports Down 0.7%... "0.5%P More Decline Than Ministry of Industry Announcement"

March Export-Import Status Announced by Korea Customs Service on 16th
2 Billion Dollar Difference from Ministry of Trade's Preliminary Figures
Imports Shift from -0.3% to +0.3%

March Export and Import Status (Data = Korea Customs Service)

[Asia Economy Reporter Kim Bo-kyung] Last month, South Korea's exports were confirmed to have decreased by 0.7% compared to the same month last year. Earlier, on the 1st, the Ministry of Trade, Industry and Energy announced a 0.2% decrease, but the finalized figure showed a 0.5 percentage point larger decline.

According to the finalized 'March Export-Import Status' released by the Korea Customs Service on the 16th, exports last month amounted to $46.7 billion, down 0.7% from the same month last year.

On the 1st, the Ministry of Trade, Industry and Energy announced the provisional export amount for March as $46.91 billion, a 0.2% decrease from a year earlier. However, the finalized export figure released by the Korea Customs Service was about $200 million lower and showed a 0.5 percentage point greater decline compared to last year.

A Korea Customs Service official explained, "We compile the numbers by the 31st of each month and deliver them to the Ministry of Trade, Industry and Energy, but the (1st announcement) did not reflect some changes. Errors can occur due to exporters canceling export-import declarations, incorrect price entries, or exchange rate differences."

In other words, the export-import trends previously announced by the Ministry were provisional figures compiled up to March 31, and the numbers announced today by the Korea Customs Service are finalized figures reflecting changes in export-import declarations. However, the Korea Customs Service stated that some figures may be revised again until February 2021, when the annual statistics are finalized.

Monthly Export Amount and Growth Rate (Source: Korea Customs Service)

Looking at major export items, semiconductors decreased by 3.0%, and petroleum products by 10.9%, showing differences from the Ministry's announcement (-2.7%, -5.9%). Items such as ships (-32.4%), home appliances (-10.4%), wired communication devices (-13.0%), and liquid crystal devices (-20.9%) also showed sluggish performance.

However, passenger cars (7.2%), auto parts (0.9%), and wireless communication devices (15.1%) showed favorable trends. In particular, passenger car exports turned to an increase after three months.

By country, exports to China (-6.2%), Vietnam (-1.5%), and Hong Kong (-2.7%) decreased, while exports to the United States (16.8%), the European Union (EU, 9.5%), Japan (13.1%), and the Middle East (8.2%) increased.

March imports recorded $42.1 billion, up 0.3% from the same month last year. This also showed a considerable difference from the Ministry's announcement (-0.3%, $41.87 billion). The trade surplus recorded $4.6 billion, achieving a surplus for 98 consecutive months since February 2012.

This content was produced with the assistance of AI translation services.