Ministry of Trade, Industry and Energy Announces March 2025 Export-Import Trends
Trade Surplus Reaches $4.98 Billion
All IT Product Exports, Including Semiconductors, Turn Positive for the First Time in 8 Months
Exports in March increased by more than 3%, marking two consecutive months of export growth following last month.
According to the 'March 2025 Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, export value reached $58.28 billion, up 3.1% compared to the same month last year. This is the second-highest March record following March 2022, with exports increasing for two consecutive months.
In March, exports increased in 7 out of the 15 major export items. All IT product exports recorded simultaneous positive growth for the first time in eight months since July last year. Semiconductor exports turned positive, reaching $13.1 billion (11.9%) due to strong demand for high-value-added memory such as High Bandwidth Memory (HBM). Computer SSD exports ($1.2 billion, 33.1%) increased for 15 consecutive months, and wireless communication device exports ($1.3 billion, 13.8%) rose for two consecutive months. Display exports ($1.5 billion, 2.9%) broke a seven-month declining trend since August last year and turned positive.
Automobile exports, one of the two major export items along with semiconductors, recorded a total increase of 1.2% to $6.2 billion despite a 39% decrease in electric vehicle exports compared to the same period last year, driven by increased exports of hybrid and internal combustion engine vehicles.
Ship exports turned positive, recording $3.2 billion, the highest in 15 months since December 2023 ($3.7 billion). Biohealth exports increased for the second consecutive month to $1.4 billion, up 6.9%, mainly driven by pharmaceuticals ($900 million).
Petroleum product exports decreased by 28.1% to $3.3 billion due to a drop in international oil prices, with Dubai crude falling from $84.2 per barrel in March last year to $72.5 in March this year, and reduced export volumes caused by regular maintenance of major refineries. Steel product exports declined by 10.6% to $2.6 billion due to price drops, while aluminum exports increased by 20.4% to $500 million.
Exports increased in 6 out of 9 major markets last month. Exports to China decreased by 4.1% to $10.1 billion overall, as semiconductor exports declined despite strong performances in petrochemicals and wireless communication devices. Exports to the United States increased by 2.3% to $11.1 billion.
ASEAN exports rose 9.1% to $10.3 billion, surpassing exports to China for the second consecutive month, driven by strong IT product exports such as semiconductors and displays. Exports to the European Union (EU) increased by 9.8% to $6.3 billion, supported by more than doubling ship exports and strong biohealth exports. Middle East exports increased for the second consecutive month to $1.8 billion (13.6%), and exports to Japan and the Commonwealth of Independent States (CIS) turned positive.
Imports in March increased by 2.3% year-on-year to $53.3 billion. Energy imports decreased by 7.3% to $10.1 billion due to reduced crude oil (-9.0%) and coal (-34.8%) imports. Non-energy imports, including semiconductor equipment (86.2%), increased by 4.8% to $43.2 billion.
The trade balance in March recorded a surplus of $4.98 billion. As a result, the cumulative trade surplus from January to March this year reached $7.34 billion.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
