Exports rise for 6th straight month in March
Shipping containers are stacked at a pier in the southeastern port city of Busan in this Sept. 21, 2022 file photo. Yonhap
Korea's exports moved up for the sixth consecutive month in March on the back of the robust performance of chips, data showed Monday.
Outbound shipments gained 3.1 percent on-year to $56.5 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.
Imports decreased 12.3 percent on-year to $52.2 billion last month, resulting in a trade surplus of $4.28 billion.
By sector, exports of chips jumped 35.7 percent on-year in March to $11.7 billion, growing for five consecutive months. It marked the highest amount since $13.1 billion posted in March 2022.
Exports of display and computer products also jumped 16.2 percent and 24.5 percent, respectively, over the period.
Outbound shipments of ships more than doubled to maintain growth for eight straight months, the data showed.
Other major winners included bio-health and petroleum products.
Exports of automobiles, on the other hand, edged down 5 percent due to fewer working days.
By destination, exports to China, the top trade partner for Asia's No. 4 economy, moved up 0.4 percent over the period. Shipments to the United States also gained 11.6 percent, rising for eight straight months.
Exports, a key economic growth engine for Korea, rebounded in October after 13 months of an on-year decline. Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. (Yonhap)