South Korea’s monthly exports recorded an all-time high in March on the back of robust performance in outbound shipments of semiconductors and petrochemicals, state data showed on April 1.
But the nation saw its trade balance in the red, as imports also increased to a record high last month in the wake of a spike in international raw materials prices.
According to the Ministry of Trade, Industry and Energy, the country recorded $63.4 billion in exports for March, up 18.2 per cent from a year earlier. This marked the highest figure since the nation started compiling the relevant figures in 1956.
The nation saw positive growth in exports for the 17th consecutive month, with double-digit growth continuing for 13 consecutive months starting from March 2021.
South Korea has continued to renew the monthly all-time high over the past year – from $55.9 billion in September 2021 to $60.3 billion in November 2021, and to $60.7 billion, the second-highest figure in history, in December 2021.
By item, shipments of semiconductors and petrochemicals reached an all-time high of $13.1 billion and $5.4 billion, respectively. These segments induced the overall performance, said the ministry.
Among other core items, a 90.1 per cent surge was seen in petroleum products, 44.5 per cent in mobile telecommunications, 26.8 in steel and 24.2 in bio-related products.
By destination, exports to ASEAN increased by 44.4 per cent year-on-year, South and Central Americas by 25.6 per cent, the US by 19.9 per cent, the Middle East by 17.4 per cent and China by 16.6 per cent.
Alongside the monthly high, the highest daily exports were recorded in March at $2.76 billion, according to the ministry.
South Korea’s imports increased by 27.9 per cent year-on-year to reach $63.6 billion last month, outstripping the former high of $61.1 billion in December 2021.
The record high import performance was attributed to a spike in prices of energy imports. Prices of crude climbed by 72 per cent, liquefied natural gas (LNG) by 200 per cent and coal by 441 per cent.
The nation’s inbound shipments of crude, LNG and coal came to the record highest of $16.1 billion last month.
As a result, the nation posted a trade deficit of $140 million in March, despite a record-breaking export performance.
A ministry official said South Korea’s trade balance was “not so bad compared to figures held by other major countries”.
THE KOREA HERALD/ASIA NEWS NETWORK
