Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 1 that Korea’s export value for March 2024 increased 3.1 percent year-on-year to USD 56.6 billion. Imports decreased 12.3 percent to $52.3 billion and the trade balance stood at a surplus of $4.3 billion.

 

March monthly exports recorded growth for the sixth consecutive month despite the lower number of working days (-1.5), and the daily average export value likewise soared 9.9 percent to $2.5 billion when factoring in the number of working days.

 

Seven out of 15 of Korea’s major export items advanced in March. To note, all four of core IT devices, namely semiconductors, displays, computers, and wireless communication devices, recorded growth, a first in 24 months and boosted overall exports at the helm.

 

Semiconductors, Korea’s leading export item, leaped 35.7 percent in exports and reached $11.7 billion, an all-time high since the $12.3 billion recorded in June 2022, and gained for the fifth consecutive month.

 

Exports of displays (up 16.2 percent) and computers (up 24.5 percent) increased for the eighth and third consecutive month, respectively, and those of wireless communication devices (up 5.5 percent) snapped the downward streak in three months.

 

Ship exports surged 102.1 percent and advanced for the eighth consecutive month. Bio health exports (up 10.0 percent) grew for the fifth consecutive month, and petroleum products (up 3.1 percent) turned to an expansion in one month.

 

Meanwhile, the exports of automobiles (down 5.0 percent) and general machinery (down 10.0 percent) were directly impacted by the lower number of working days.

 

By region, Korea’s exports increased to three out of nine major destinations in March.

 

Exports to China (up 0.4 percent) recorded growth, with the daily average export value (app. $470 million), considering the number of working days, rose (up 7.1 percent) for the fourth consecutive month since December 2023.

 

Exports to the U.S. posted double-digit growth (up 11.6 percent to $10.9 billion) and improved for the eighth consecutive month and broke the March monthly export record as they did for those of January and February this year as well.

 

Exports to Latin America (up 14.4 percent) extended their positive performance for the third consecutive month.

 

In addition, exports to Vietnam (up 4.4 percent) and Hong Kong (up 67.8 percent) maintained growth for the third and fifth consecutive month, respectively, on the backs of strong demand for semiconductors and IT devices, increasing for the third and fifth consecutive month.

 

Meanwhile, Korea’s March imports declined 12.3 percent to $52.3 billion, and import of energy sources decreased 24.4 percent, as demand for crude oil (down 12.8 percent), gas (down 37.4 percent), and coal (down 40.5 percent) contracted.

 

Korea’s trade balance for March stood at a surplus of $4.3 billion, gaining for the 10^th consecutive month.

 

* Short version