South Korea has achieved a notable milestone in its economic performance, with exports climbing by 3.1 percent in March 2024, compared to the same month in the previous year. This uptick marks the sixth consecutive month of export growth, underscoring the resilience and vitality of the Korean economy. According to the Ministry of Trade, Industry and Energy (MOTIE), exports amounted to US$56.66 billion, while imports saw a contraction of 12.3 percent to US$52.28 billion, resulting in a trade surplus of US$4.28 billion.
The steady growth in exports since October 2023 has been bolstered by significant contributions from the IT sector, with semiconductors, displays, computers, and wireless communication devices all recording positive growth for the first time in two years. Notably, semiconductor exports surged to US$11.7 billion, marking the highest level in 24 months since March 2022. This upward trajectory was also mirrored in the exports of non-IT items, such as ships, which saw a 102.1 percent increase, and biotech and healthcare products, growing by 10 percent.
The export gains were not limited to IT and high-tech goods. Korea also observed positive movements in exports to three of its nine major trading regions. Exports to China, Korea’s largest export destination, resumed their positive trend in March, contributing to the fourth consecutive month of growth since December 2023. Furthermore, exports to the United States and Latin America continued to strengthen, signaling a broad-based recovery in international demand for Korean products.
The first quarter of 2024 showcased an 8.3 percent increase in exports to US$163.7 billion across ten of the 15 major export items, including semiconductors, automobiles, and ships. The trade balance also reflected a robust surplus of US$9 billion, improving by US$31.8 billion from the previous year. This performance underscores the pivotal role of exports in driving South Korea’s economic growth and highlights the nation’s competitive edge in the global market, especially in technology and manufacturing sectors.
