Seoul, April 1 (IANS) South Korea’s exports gained 3.1 percent from a year earlier in March, marking a second consecutive month of increase, driven by robust demand for semiconductors and other information technology (IT) products, data showed on Tuesday.
Outbound shipments came to US$58.3 billion last month, compared with $56.5 billion the previous year, according to data compiled by the Ministry of Trade, Industry and Energy, reports Yonhap news agency.
Imports rose 2.3 percent on-year to $53.3 billion, resulting in a trade surplus of $4.98 billion.
Outbound shipments of semiconductors jumped 11.9 percent on-year to $13.1 billion in March, rebounding from a 3 percent on-year decrease the previous month, thanks to strong demand for high-value products, such as high bandwidth memory and double data rate 5 (DDR5) memory chips.
Shipments of other IT products also gained ground, with exports of computers, including solid state drives, soaring 33.1 percent to $1.2 billion, logging 15 straight months of increase. Shipments of wireless communications devices climbed 13.8 percent to $1.3 billion and display exports added 2.9 percent to $1.5 billion, snapping a seven-month losing streak.
Auto exports gained 1.2 percent to $6.2 billion as an increase in shipments of hybrid cars and internal combustion engine vehicles offset a decrease in electric vehicle (EV) sales.
Exports of ships spiked 51.6 percent on-year to $3.2 billion to reach the highest monthly figure in 15 months, and shipments of bio-health products advanced 13.2 percent to $900 million.
Shipments of petroleum products slipped 28.1 percent to $3.3 billion due to a drop in international oil prices and regular maintenance work at major oil refineries.
Steel exports also dropped 10.6 percent on-year to $2.6 billion.
By destination, exports to China slipped 4.1 percent to $10.1 billion last month due to sluggish chip sales, while exports to the United States rose 2.3 percent to $11.1 billion.
Outbound shipments to the Association of Southeast Asian Nations (ASEAN) member countries gained 9.1 percent to $10.3 billion, outperforming exports to China for the second consecutive month, on the back of strong sales of chips and display products.
Exports to the European Union (EU) countries advanced 9.8 percent to $6.3 billion on strong demand for ships and bio-health products.
Exports to the Middle East rose 13.6 percent to $1.8 billion, logging a second consecutive month of increase, and exports to Japan gained 2.2 percent to $2.2 billion.
“The country saw strong exports and a trade surplus for the second straight month in March, with all IT sectors posting an increase in exports for the first time in eight months, despite heightened trade uncertainties,” Industry Minister Ahn Duk-geun said, apparently referring to protectionist trade policies of the United States, including tariffs on all steel and aluminum imports that went into effect March 12.
He added the government will utilise “all available resources” to ease uncertainties for export industries by continuing negotiations with the U.S. administration and swiftly devising support measures for local industries.
The U.S. plans to impose 25 percent tariffs on all imported cars starting Thursday (U.S. time) and announce reciprocal tariffs for its trading partners on Wednesday.
—IANS
na/
