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March exports rise for sixth straight month on demand for AI chips

Published: 01 Apr. 2024, 16:55

JIN MIN-JI
[email protected]

A view of Samsung Electronics’ chip production plant in Pyeongtaek, Gyeonggi [SAMSUNG ELECTRONICS]

Korea’s exports jumped for the sixth straight month in March on the back of robust chip demand.

Last month's exports rose 3.1 percent from a year earlier to reach $56.5 billion, according to data the Ministry of Trade, Industry and Energy released Monday.

The gain was helped by chip exports, which logged $11.7 billion, an on-year increase of 35.7 percent. It was the best performance, by value, in two years and the fifth consecutive month of gains, attributed to increased demand for AI chips.

Exports of displays and computers jumped 16.2 percent and 24.5 percent, respectively, on year. Outbound car shipments fell 5 percent, marking two straight months in negative territory as sales of electric vehicles grew sluggish.

Exports to China inched up 0.4 percent to $10.52 billion in March, while those to the United States jumped 11.6 percent to $10.91 billion. Outbound shipments to the United States grew for the eighth straight month.

Imports fell 12.3 percent on year to $52.2 billion in March, easing slightly from a 13.1 percent drop in February.

A deceleration of energy prices led to a 24.4 percent fall in energy imports to $10.88 billion.

Exports of non-energy products also fell 8.5 percent to $41.4 billion.

Asia’s fourth-largest economy reported a trade surplus of $4.28 billion in March, having remained in positive territory since last June.

Trade surplus in the first quarter was $9 billion compared to $22.8 billion the same period of last year.

“We expect trade conditions to stay favorable to maintain surplus through the second quarter on increased exports of IT products like chips and vessels,” said Trade Minister Ahn Duk-geun.

He vowed that the government would accelerate support for export companies through the execution of a record 360 trillion won ($270 billion) in trade finance and a trillion won in export marketing.

BY JIN MIN-JI [[email protected]]