South Korea’s exports experienced a significant surge, climbing 55.6 percent year-on-year in the first 10 days of March. This impressive growth was primarily fueled by robust global demand for semiconductors, according to newly released data on Wednesday.
During the period of March 1-10, outbound shipments reached a substantial $21.5 billion, a considerable increase compared to the $13.8 billion recorded during the same period last year, as reported by the Korea Customs Service.
This marks the highest export figure ever recorded for South Korea during the initial ten days of March.
Imports also saw an increase, rising by 21.7 percent year-on-year to reach $19.4 billion, resulting in a trade surplus of $2.1 billion for the specified period.
A key driver of this export boom was the semiconductor industry. Semiconductor exports soared by an impressive 175.9 percent year-on-year, reaching a record high of $7.6 billion, propelled by the ongoing global boom in artificial intelligence.
This semiconductor export figure is the highest ever recorded for the first 10 days of any month, surpassing the previous record of $6.7 billion set just last month.
Chip exports alone accounted for 35.3 percent of South Korea’s total exports during the period, representing a significant increase of 15.4 percentage points compared to the same period last year.
Exports of petroleum products also saw a substantial increase, jumping 44.1 percent to $1.4 billion.
However, not all sectors experienced growth. Automobile exports decreased by 13.9 percent year-on-year to $1.4 billion, while shipments of vessels experienced a significant dip of 61.9 percent to $465 million.
In terms of export destinations, shipments to China, South Korea’s largest trading partner, saw a remarkable surge of 91.2 percent year-on-year, reaching $5.1 billion.
