March Exports Up 3.1%... Positive Growth for 6 Consecutive Months (Update)

Ministry of Trade, Industry and Energy, March Export and Import Trends

Exports increased by more than 3% last month, continuing the export growth trend that began in October last year for six consecutive months.

According to the Ministry of Trade, Industry and Energy on the 1st, March exports recorded $56.56 billion, up 3.1% from the previous year.

In March this year, the number of working days was 1.5 days fewer than in March last year. Considering this, the average daily export was $2.51 billion, an increase of 9.9%.

In March, exports of 7 out of the 15 major export items increased. In particular, IT items (semiconductors, displays, computers, wireless communication devices) all recorded positive growth for the first time in 24 months since March 2022, driving our exports.

Export containers are being loaded onto a ship at Busan North Port. Photo by Jinhyung Kang aymsdream@

Semiconductor exports, Korea's largest export item, increased by 35.7% to $11.7 billion, surpassing $11 billion and marking the highest performance in 21 months since June 2022 ($12.3 billion), continuing a positive trend for five consecutive months. Exports of displays (16.2%) and computer SSDs (24.5%) also increased for eight and three consecutive months, respectively. Wireless communication device exports (5.5%) reversed a three-month negative trend and turned positive.

Ship exports increased by 102.1%, maintaining a positive trend for eight consecutive months, and biohealth exports (10.0%) also increased for five consecutive months. Petroleum product exports (3.1%) turned positive after one month. Exports of automobiles (-5.0%) and general machinery (-10.0%), which are directly affected by the number of working days, decreased.

Exports increased in three out of nine major export regions. Exports to China, Korea's largest export market, increased by 0.4%, recording positive growth in March following January. In particular, average daily exports considering working days ($470 million) increased by 7.1%, maintaining a positive trend for four consecutive months since December last year. Exports to the United States reached $10.9 billion (11.6%), recording double-digit growth and continuing an eight-month consecutive increase, setting a record for the highest March export value for three consecutive years in January, February, and March 2024. Exports to Central and South America (14.4%) also continued a positive trend this year, increasing for three consecutive months. Meanwhile, exports to Vietnam (4.4%, 3 months), an Asian production base for our IT companies, and Hong Kong (67.8%, 5 months), a logistics hub, also maintained an increasing trend due to the strong export performance of IT items such as semiconductors.

March imports amounted to $52.28 billion, down 12.3%. Energy imports decreased by 24.4% due to reductions in crude oil (-12.8%), gas (-37.4%), and coal (-40.5%) imports. The trade balance recorded a surplus of $4.28 billion, maintaining a surplus trend for 10 consecutive months.

Minister of Trade, Industry and Energy Ahn Deok-geun said, "Despite the impact of the Lunar New Year holidays in February and the reduced number of working days in March, our exports continued to show positive growth, and the trade balance in the first quarter improved by more than $30 billion compared to the previous year, leading the growth of our economy." He added, "In the second quarter, we expect the upward trend in exports and the surplus trend to continue, driven by increased exports of IT items such as semiconductors and ships, as well as the strong export performance of major items such as automobiles and general machinery that have continued since last year."