'All-Time High' March Exports... "Minimal Impact from Suez Incident"

Ministry of Trade, Industry and Energy, March Export and Import Trends

Increased by 16.6% Compared to the Same Month Last Year, Rising for 5 Consecutive Months
Semiconductors Up for 9 Consecutive Months, Automobiles Up for 3 Consecutive Months
Despite the Suez Canal Incident, Exports to Europe Hit an All-Time High

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] March exports reached a record high of $53.8 billion, continuing the export growth trend for five consecutive months. The strong performance of semiconductors, automobiles, and biohealth sectors remained steady, and despite the Suez Canal accident in Egypt, exports to Europe (EU) recorded an all-time high.

According to the Ministry of Trade, Industry and Energy on the 1st, March exports amounted to $53.83 billion, an increase of 16.6% compared to the same period last year. Exports rebounded by 3.9% in November last year and have increased for five consecutive months since then.

The export amount exceeded $50 billion for the first time this year, ranking third in monthly export amounts and first in March exports historically. The export growth rate is the highest in 2 years and 5 months since October 2018.

Major export items continued their strong performance. Among the 15 major items, 14 increased for the first time in 9 years and 1 month. Semiconductors increased for 9 consecutive months, recording the highest export amount in 2 years and 4 months at $9.51 billion. Automobiles increased for 3 consecutive months, and biohealth exports rose for 19 consecutive months.

All four major export markets?China, the United States, ASEAN, and the EU?showed growth. Compared to the same month last year, exports to China increased by 26.0%, the United States by 9.2%, and ASEAN by 10.8%. Notably, despite the Suez Canal incident, exports to the EU increased by 36.6%, recording the highest export amount ever.

March imports amounted to $49.65 billion, an increase of 18.8%. The trade balance recorded a surplus of $4.17 billion, achieving a surplus for 11 consecutive months.

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