Exports Soar 55.6% by March 10 on Record-Breaking Semiconductor Surge

Korea Customs Service Releases March 1–10 Trade Statistics
Total Exports Hit $21.5 Billion, Semiconductors Reach Record $7.9 Billion
Trade Surplus Stands at $2.1 Billion

As of the 10th of this month, exports reached an all-time high, driven by a strong performance in semiconductors.

According to the export and import statistics for March 1–10 released by the Korea Customs Service on March 11, export value totaled 21.5 billion dollars, up 55.6% from the same period last year. This marks a record high. At this pace, the export growth trend that began in June last year is set to continue for a tenth consecutive month.

Cargo containers are stacked at Pyeongtaek Port as seen from the air. Photo by Jin-Hyung Kang

The number of business days during the first ten days of this month was 6.5, one day more than in the same period last year. Taking this into account, the daily average export value was 3.3 billion dollars, representing a 31.7% increase.

Exports of semiconductors surged by 175.9%, driving the overall growth in exports. Exports of petroleum products (44.1%), passenger cars (13.9%), and computer peripherals (372.1%) also increased. Among the top ten export items, only ships (-61.9%) saw a decrease.

By country, exports to the top three markets—China (91.2%), the United States (69.9%), and Vietnam (62.4%)—all rose. As a result, the share of exports to these countries reached 53.7%. In contrast, exports to the European Union (EU, -6.4%) and Singapore (-31.9%) declined.

From March 1 to 10, imports also increased, reaching 19.4 billion dollars, a 21.7% rise from the same period last year. Imports of semiconductors (53.5%) and semiconductor manufacturing equipment (10.4%) increased, while imports of crude oil (-1.4%) and gas (-6.4%) decreased. However, coal imports surged by 67.6%, resulting in a 1.4% rise in energy imports (crude oil, gas, and coal). Imports from all of the top ten trading partners—including China (30.6%), the EU (41.3%), the United States (22.8%), Japan (29.5%), and Taiwan (15.7%)—increased.

With exports rising more than imports, the trade balance for March 1–10 posted a surplus of 2.1 billion dollars. Consequently, the cumulative trade surplus from January 1 to March 10 this year reached 26.2 billion dollars.

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