South Korea's March exports hit $80b mark

SEOUL, April 1 (AJP) — South Korea raised the bar on exports again, achieving fresh monthly high of over $80 billion in March as an unprecedented boom in the semiconductor sector more than offset supply disruptions from the outbreak of a war in the Middle East. 

According to data released by the Ministry of Trade, Industry and Energy on Wednesday, exports for March reached all-time monthly high of $86.13 billion, up  48.3 percent on year. The previous monthly record was $69.5 billion set in December last year.

Monthly exports have extended record-setting winning streak for 10 consecutive months, largely hinged on chip demand.

Chip shipments in March skyrocketed 151.4 percent to record $32.83 billion and responsible for nearly 40 percent of March exports. This is the first time monthly semiconductor exports have exceeded the $30 billion mark, eclipsing the previous high of $24.2 billion set in March 2022 during a period of surging DRAM prices. 

Imports rose 13.2 percent to $60.4 billion. Consequently, the trade balance recorded a surplus of $25.74 billion, marking
14 consecutive months of surplus since February last year.

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