South Korea’s trade surplus has continued its upward trend for the 11th consecutive month, reaching US$6.93 billion in March, slightly higher than February’s US$6.86 billion, according to the Bank of Korea. This enduring surplus, underpinned by a robust export sector, has persisted since May of the previous year.
March’s merchandise trade surplus was reported at US$8.09 billion, marking the 12th consecutive month of positive balance. Total exports for March climbed to US$58.27 billion, a 3.0 percent increase year-over-year, led by a significant 34.5 percent rise in semiconductor exports. Additionally, exports in information and communication technology and petroleum products also saw gains of 7.9 percent and 3.3 percent, respectively.
However, not all sectors fared well; exports in passenger cars, machinery and precision equipment, steel products, and chemical industrial products experienced declines. Geographically, exports to Southeast Asia and the United States grew by 12.7 percent and 11.6 percent, respectively, while exports to the European Union and Japan saw reductions.
Conversely, imports in March totaled US$50.18 billion, down 13.1 percent from the previous year, mainly due to lower raw material costs influenced by declining energy prices. Significant decreases were noted in coal, gas, and crude oil imports.
Despite these strong numbers in trade, the services account faced challenges, recording a deficit of US$2.43 billion. Notable deficits were also reported in transportation and intellectual property, although the primary income account, including dividends and interest, recorded a surplus, highlighting mixed financial dynamics within the country’s broader economic landscape.
