In March, exports recorded $58.28 billion, an increase of 3.1% compared to the same month last year. The trade balance recorded a surplus of $4.98 billion. This marks two consecutive months of export increases and trade surpluses.
According to the Ministry of Trade, Industry and Energy on the 1st, March's exports were $58.28 billion, the second-best performance ever for a March. The IT and semiconductor sectors led the strong performance.
Considering the number of business days, the average daily export also recorded $2.65 billion, representing a 5.5% increase compared to the same period last year. This is also the second-best performance after March 2022 ($2.77 billion).
However, export figures for the cumulative period from January to March were weak compared to the previous year. The total export amount for the first quarter of this year was $159.92 billion, down 2.1% from the same quarter last year. The trade balance for the first quarter was $7.338 billion, lower than the $8.495 billion recorded in the first quarter of the previous year. The decrease in the number of business days in January is believed to have contributed to a 10% decline in exports compared to the same period last year. According to the Customs Service, the number of business days in the first quarter of this year was 220, five less than the 225 days of the previous year.
◇ Strong export trends in ICT and semiconductors… Ship exports reach highest level in 15 months
In March, exports of seven out of the top 15 export items increased. Exports of all IT items recorded positive growth for the first time in eight months since July of last year.
Semiconductor exports also recorded $13.1 billion, up 11.9% compared to the same period last year. The strong performance of high-value memory exports, such as HBM (High Bandwidth Memory) and DDR5 (Double Data Rate 5), had an impact.
Exports of computers and wireless communication devices increased for the first time in 15 months and two months, respectively. Exports of displays turned positive for the first time in eight months.
Exports of automobiles, which are among the two major export items, recorded $6.2 billion, an increase of 1.2% compared to the same period last year. Although electric vehicle exports significantly decreased, exports of hybrid and internal combustion engine vehicles increased.
Ship exports reached $3.2 billion, an increase of 51.6% compared to the same period last year. This is the highest performance in 15 months since December 2023 ($3.7 billion).
Exports of biopharmaceuticals also reached $1.4 billion, a 6.9% increase compared to the same period last year.
However, exports of petroleum products decreased by 28.1% compared to the same period last year. The decline in international prices of key products by more than 16% compared to the same month last year and maintenance by major oil refining companies led to a decrease in export volumes.
The tariff measures imposed by Donald Trump had mixed results for steel and aluminum. Steel exports decreased by 10.6% compared to the same period last year, while aluminum exports increased by 20.4%.
◇ Exports to China decreased by 4.1% year-on-year… Exports to ASEAN exceeded those to China for the second consecutive month
By region, exports increased in six of the nine major markets. Exports to China amounted to $10.1 billion, a 4.1% decrease compared to the same period last year. Exports to the United States totaled $11.1 billion, up 2.3% from the same period last year.
Exports to ASEAN amounted to $10.3 billion, a 9.1% increase compared to the same period last year. March's exports also surpassed those to China for the second consecutive month following February.
Exports to the European Union (EU) reached $6.3 billion, an increase of 9.8% compared to the same period last year. The doubling of ship exports and the strong performance in biopharmaceutical exports drove the increase.
Exports to the Middle East increased for the second consecutive month, recording $1.8 billion, while exports to Japan (2.2%) and the Commonwealth of Independent States (CIS) (30.1%) turned positive compared to the same period last year.
In March, imports amounted to $53.3 billion, an increase of 2.3%. Energy imports recorded a decline of 7.3% to $10.1 billion due to decreases in crude oil (-9.0%) and coal (-34.8%) imports. Imports of semiconductor equipment increased by 86.2% compared to the same month last year, resulting in non-energy imports rising by 4.8% to $43.2 billion.
Minister of Trade, Industry and Energy Ahn Duk-geun noted, "Despite the uncertainty in the trade environment, exports of all IT items recorded positive growth for the first time in eight months, achieving both export surplus and trade surplus in February and March."
He added, "We will continue to engage in dialogue with the United States and concentrate all available resources to resolve the uncertainties faced by the export industry by swiftly preparing domestic support measures."
The government is swiftly implementing the 'Inter-Agency Emergency Export Measures' announced in February, while providing trade policy information to corporations through the tariff response consultation channel Tariff Response 119 and supporting the resolution of challenges.
This year, a $53.1 billion export voucher will bolster the export capabilities of small and medium-sized enterprises, and an additional $8 billion tariff response voucher will be supplied to assist with customs, logistics support, and provide local expert assistance for exploring new markets.
The Ministry of Trade, Industry and Energy plans to quickly prepare industry-specific measures in response to any additional tariffs imposed by the United States.