Despite the "Middle East crisis" in March, exports from the 1st to the 20th of this month hit an all-time high. The record was broken as semiconductor exports surged.
According to the Korea Customs Service on the 23rd, exports from the 1st to the 20th of this month totaled $53.3 billion, up 50.4% ($17.86 billion) from the same period a year earlier.
For exports from the 1st to the 20th of each month, this is the largest on record, surpassing the previous month's 1st–20th record ($43.5 billion).
Average daily exports, adjusted for business days, also rose 40.4% to $3.55 billion. The number of business days in this period was 15, one more than a year earlier.
This export upturn was led by semiconductors. Semiconductor exports were $18.7 billion, a 163.9% surge from a year earlier. This is the "highest on record" for the 1st–20th period. Semiconductors accounted for 35% of total exports, up 15.1 percentage points from a year earlier.
In addition, exports increased for ▲ passenger cars (11.1%) ▲ petroleum products (49%) ▲ computer peripherals (269.4%) ▲ steel products (21.6%). In contrast, ships (-3.9%) declined.
By country, exports increased to ▲ China (69%) ▲ the United States (57.8%) ▲ Vietnam (46.4%) ▲ the European Union (6.6%) ▲ Hong Kong (188%), while they fell to ▲ Singapore (-8.5%).
Meanwhile, imports during the same period were $41.2 billion, up 19.7% ($6.78 billion) from a year earlier. With exports outpacing imports, the trade balance for this month posted a $12.1 billion surplus. The cumulative annual trade balance is running a $36.2 billion surplus.