The Korea tariff Service said on the 11th that exports for Mar. 1–10 rose 55.6% from a year earlier to $21.5 billion.

For exports from the 1st to the 10th, this is the "largest ever." The No. 2 performance for the same period was $21.4 billion on Feb. 1–10.

Export containers are stacked at Pyeongtaek Port in Poseung-eup, Pyeongtaek, Gyeonggi Province. /Courtesy of News1 Kim Young-woon

Even the average daily export value, adjusted for working days, expanded compared with last year. The average daily export value was $3.3 billion in Mar. this year, up 31.7% from $2.51 billion in Mar. last year.

In particular, semiconductor exports came to $7.6 billion, marking the largest ever for the same period, up 175.9% from a year earlier. Export growth rate by major item was ▲ petroleum products 44.1% ▲ passenger cars 13.9% ▲ computer peripherals 372.1%. The share of semiconductor exports was 35.3%, up 15.4 percentage points (p) from a year earlier.

By country, exports to China jumped. Exports to China were $5.1 billion, up 91.2% from a year earlier. Exports to Taiwan also rose 126.8%. In addition, exports to the United States and Vietnam increased 69.9% and 62.4%.

Export and import performance for Mar. 1–10. /Courtesy of Korea Customs Service

Meanwhile, imports in Mar. increased 21.7% to $19.372 billion. The trade balance posted a surplus of $2.1 billion.

As a result, the cumulative trade balance for Jan.–Mar. recorded a surplus of $26.188 billion. This contrasts with a deficit of $155 million for Jan.–Mar. last year.

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