South Korean Exports Reach New High in March

South Korea’s Ministry of Commerce for Industry and Energy said today that South Korean exports rose 18.2% year-on-year to $63.48 billion in March, reaching a record high. This was due to the strong demand for semiconductor and petrochemical chip products.

Exports, which account for about half of the South Korean economy, reached their highest level in March since data collection began in 1956, growing at a ten-digit rate for the thirteenth consecutive month.

Exports of semiconductors and petrochemical products reached new highs in March at $13.12 billion and $5.42 billion, respectively.

South Korea’s imports increased 27.9% year-on-year in March to $63.62 billion. This resulted in South Korea recording a trade deficit of $0.14 billion.

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