South Korea exports rise for the sixth straight month in March

SEOUL: South Korea’s exports moved up for the sixth consecutive month in March on the back of the robust performance of chips, Yonhap News Agency said on Monday.

Outbound shipments gained 3.1 per cent on-year to USD 56.5 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports decreased 12.3 per cent on-year to USD 52.2 billion last month, resulting in a trade surplus of USD 4.28 billion. South Korea has been maintaining a trade surplus for 10 consecutive months.

By sector, exports of chips jumped 35.7 per cent on-year in March to USD 11.7 billion, growing for five consecutive months. It marked the highest amount since USD 12.3 billion posted in June 2022.

Outbound shipments of displays also shot up 16.2 per cent to USD 1.42 billion on the back of the rising demand from the mobile industry.

Exports of automobiles, however, fell 5 per cent to USD 6.16 billion due to a base effect. Outbound shipments of cars had jumped 63.6 per cent on-year in March 2023