Export up 2.9% by the 10th of this month... Shipbuilding strong, semiconductors steady (Update)

Korea Customs Service Announces Export-Import Status for March 1-10

Exports in March started on an upward trend, supported by strong exports of ships and passenger cars. However, semiconductor exports showed a growth rate in the 0% range, essentially remaining flat.

The Korea Customs Service announced the export-import status for March 1-10, which included these details. According to the report, export value reached $13.9 billion, a 2.9% increase compared to the same period last year.

Export cars are waiting to be loaded at Pyeongtaek Port, Gyeonggi. 2025.2.13. Photo by Kang Jin-hyeong

The number of working days was 5.5, 0.5 days fewer than the same period last year. Considering this, the average daily export value was $2.52 billion, up 12.3%.

Among the top 10 major export items, six items including petroleum products (-0.7%), steel products (-7.8%), and automobile parts (-7.6%) decreased. Ship exports increased by 55.2%, and passenger cars by 6.2%. Semiconductor exports rose by only 0.03%. As a result, the share of semiconductor exports fell by 0.6 percentage points to 19.8% compared to the same period last year. By country, exports to the United States (5.5%), the European Union (EU, 6.8%), and Vietnam (6.8%) increased, while exports to China (-6.6%) and Hong Kong (-23.7%) decreased.

Imports from March 1-10 amounted to $15.9 billion, up 7.3% year-on-year. Crude oil (4.4%), semiconductors (12.9%), and semiconductor equipment (94.6%) increased, whereas machinery (-7.3%) and petroleum products (-19.2%) decreased. By country, imports from China (4.1%), the EU (29.7%), and Japan (9.8%) increased, while imports from the United States (-3.7%) and Saudi Arabia (-1.0%) declined.

With imports increasing more than exports, the trade balance recorded a deficit of $2 billion. Including this, the cumulative trade surplus for this year narrowed to $308 million.

Exports had maintained positive growth for 15 consecutive months until December last year. However, due to the Lunar New Year holidays and other factors in January this year, exports declined, then showed an upward trend again last month.