Exports up 11.2% by the 20th of this month... Ministry of Industry: "March exports and trade surplus expected to continue" (Comprehensive)

Export and Import Status from March 1 to 20
"Semiconductor and Shipbuilding Strong Performance Expected to Drive Export Growth"

Thanks to strong exports in semiconductors and shipbuilding, export value increased by more than 11% from the beginning of this month to the 20th. The government expects overall export growth and a trade surplus to continue throughout March.

The Korea Customs Service announced on the 21st that the export value from March 1 to 20 was tentatively estimated at $34.1 billion, an 11.2% increase compared to the same period last year.

Export values over 10-day periods are greatly affected by the number of working days. Earlier, from March 1 to 10, the number of working days was 6, which was 1.5 days fewer than the same period last year. Due to this, exports decreased by 13.4%. However, the number of working days from March 1 to 20 was 14.5, the same as last year, resulting in a positive turnaround. The average daily export value also recorded $2.35 billion, increasing by 11.2%.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, "Up to the 20th, our exports showed solid double-digit growth driven by strong performances in semiconductors and shipbuilding. Although the remaining working days this month are 1.5 days fewer than last year, causing some stabilization in the export growth rate by the end of March, the positive trend in IT products will continue to sustain export growth and trade surplus, injecting vitality into our economy."

Export containers are being loaded onto a ship at Busan North Port. Photo by Jinhyung Kang aymsdream@

The export growth from March 1 to 20 was led by semiconductors and ships. Compared to the same period last year, semiconductors increased by 46.5%, and ships by 370.8%. Among the top 10 major items, exports increased in 8 items except passenger cars (-7.7%) and petroleum products (-1.1%).

By country, exports increased to China (7.5%), the United States (18.2%), the European Union (EU, 4.9%), and Vietnam (16.6%), while Japan was the only major export destination among the top 10 countries to see a decrease of 6.8%.

Imports amounted to $34.8 billion, a 6.3% decrease compared to the same period last year. Imports of semiconductors (8.8%), machinery (5.4%), and petroleum products (32.1%) increased compared to last year, while crude oil (-5.5%) and gas (-37.5%) decreased. Energy imports including crude oil, gas, and coal fell by 19.9%. Regarding imports from major countries, the United States (1.7%), the EU (3.6%), and Vietnam (3.6%) increased, while China (-9.0%) and Japan (-5.8%) decreased.

The trade balance recorded a deficit of $711 million. As a result, the cumulative trade surplus for this year decreased to $3.977 billion.

The government forecasts that the export growth trend, which began in October last year, will continue in March. On the 19th, Kang Kyung-sung, First Vice Minister of the Ministry of Trade, Industry and Energy, checked the export conditions of major items through the 3rd Export Item Officers Meeting and predicted, "With continued strong exports of key items centered on IT products such as semiconductors, export growth and surplus trends will continue in March."

The government plans to promote customized support to achieve export targets for key items such as semiconductors at $120 billion plus α and automobiles at $75 billion, and to provide trade finance support totaling 360 trillion won, the largest ever. In particular, a 'Trade Insurance Expansion Support Plan' will be announced this month to systematically support financial difficulties faced by small and medium-sized export companies.

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