South Korea's exports increased by over 55% in the first ten days of March, setting a record high driven by semiconductor exports despite the ongoing Iran crisis.
From March 1 to 10, South Korea experienced a remarkable 55.6% increase in exports, reaching a record total of $21.5 billion. This surge, noted by customs officials, is attributed primarily to a staggering increase in semiconductor exports, which alone surged by 175.9% compared to the same period last year, generating $7.6 billion. In addition, other sectors like petroleum products and passenger cars also saw significant increases in exports, although some sectors such as shipbuilding experienced notable declines.
The data revealed that despite the geopolitical tensions related to Iran, South Korea's trade performance remained strong. The average daily exports during this period averaged around $3.3 billion, marking a 31.7% increase compared to the previous year. The growth was evident across major export destinations, with significant increases in exports to countries such as China, the United States, and Vietnam, while exports to the European Union saw a slight decline, highlighting the shifting dynamics in global trade.
In terms of imports, South Korea also recorded an increase, with total imports amounting to $19.4 billion, marking a 21.7% year-on-year rise. The main contributors to this increase were semiconductor imports and semiconductor manufacturing equipment. In contrast, there were declines in imports of crude oil and gas. Overall, the trade balance reflected a surplus of $2.1 billion, reinforcing the robust performance of South Korea's trade sector during this period.
