The South Korean Customs Service announced today that South Korean exports rose 14.9% year-on-year in the first 10 days of March. This was due to demand for chips and petroleum products.
South Korea’s exports reached $18.7 billion, up from $16.3 billion a year ago.
At the same time, imports increased by 15.3% year on year to $20.1 billion. South Korea thus recorded a trade deficit of $1.39 billion in the same period.
Broken down by category, exports of memory chips, South Korea’s main export, rose 28.5% year-on-year. Exports of petroleum products rose 98.8% year-on-year as oil prices soared due to the Ukraine crisis.
Russia’s invasion of Ukraine has driven up oil prices, and concerns about supply disruptions are high as South Korea relies largely on oil imports.
Exports of motor vehicles fell 28% year-on-year and exports of telecommunications products fell 10.9%, with motor vehicles accounting for about 7% of South Korean exports.
Exports to China, South Korea’s largest trading partner, increased by 13.5% year on year, while exports to the United States rose by 7.2%.