'All-Time High' March Exports... First $50 Billion Surpassed This Year (Update)

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
Export Growth Rate Hits Highest in 2 Years and 5 Months
Semiconductors Up for 9 Consecutive Months, Cars Up for 3 Consecutive Months
Despite Suez Canal Incident, Exports to Europe Reach All-Time High

Export Amount Trend (Unit: 100 Million USD)

[Sejong=Asia Economy Reporter Joo Sang-don] In March, export value exceeded $50 billion for the first time this year, reaching a record high of $53.8 billion. The export growth trend, which began in November last year, continued 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) achieved record-high results.

According to the Ministry of Trade, Industry and Energy on the 1st, March exports amounted to $53.83 billion, up 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.

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

The average daily export value was $2.24 billion, surpassing $2.2 billion for the first time in March history. The number of working days was 24, the same as March last year, so the growth rate matched the overall export growth rate of 16.6%.

Major export items continued their strong performance. Among the 15 key items, 14 increased except for displays (-1.1%), marking the first time in 9 years and 1 month. Semiconductors rose 8.6%, increasing for 9 consecutive months. Export value reached $9.51 billion, the highest in 2 years and 4 months. Automobiles (15.3%) increased for 3 consecutive months, and biohealth (43.6%) 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 U.S. by 9.2%, and ASEAN by 10.8%. Notably, despite the Suez incident, EU exports rose 36.6%, recording the highest export value ever. On the other hand, Japan (-2.6%) decreased for 3 consecutive months, and the Middle East (-15.4%) declined for 12 consecutive months.

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

An official from the Ministry of Trade, Industry and Energy said, "It is significant that exports increased by double digits compared to last year, but considering that both total export value and average daily export value ranked first among all March records, we can confirm that exports performed well this month even excluding the base effect. We will strengthen monitoring of risks such as logistics disruptions and parts supply issues through cooperation between related ministries and the private sector, and actively support export companies in resolving related difficulties."

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