In March, Korea's exports surpassed $80 billion for the first time ever despite the headwind of the Middle East war, setting a new all-time monthly record. However, exports to the Middle East plunged 49.1% from a year earlier due to logistics disruptions from the protracted war.
According to the Ministry of Trade, Industry and Resources' report "Export and import trends in March 2026" released on the 1st, last month's exports rose 48.3% from a year earlier to $86.13 billion. Imports increased 13.2% to $60.4 billion. The trade balance, the difference between exports and imports, posted a surplus of $25.74 billion, marking the largest monthly surplus on record for all periods and extending the winning streak to 14 consecutive months. Average daily exports, adjusted for working days, also climbed 41.9% to $3.74 billion, a new all-time high.
Exports increased in 10 of the 15 key export items. In particular, semiconductor exports surged 151.4% from a year earlier to $32.83 billion, topping $30 billion for the first time ever and setting a monthly record. With memory prices staying elevated, investments in artificial intelligence (AI) servers expanded, and demand for general servers also increased.
Despite some logistics disruptions from the Middle East war, automobile exports reached $6.37 billion (+2.2%) as exports of eco-friendly vehicles such as electric and hybrid cars remained on an uptrend. Computer exports delivered a record performance of $3.42 billion, up 189.2%, on the back of stronger demand for corporations' solid-state drives (SSD) driven by expanded AI infrastructure investment. Secondary batteries ($870 million, +36.0%), petroleum products ($5.1 billion, +54.9%), ships ($3.5 billion, +11%), and bio ($1.5 billion, +6%) also posted broad-based gains.
By region, exports increased in seven of the nine major export destinations. Exports to China rose 64.2% to $16.51 billion, extending gains for a fifth straight month as many items, led by semiconductors, showed strength. Exports to the United States ($16.34 billion, +47.1%) posted robust results across items such as automobiles, auto parts, and secondary batteries, while semiconductor and computer exports recorded triple-digit growth rates of 392% and 273%, respectively. Exports to ASEAN ($13.75 billion, +34.3%) and the European Union ($7.47 billion, +19.3%) also posted double-digit growth rates.
By contrast, exports to the Middle East stood at $900 million, down 49.1%. Due to logistics disruptions from the prolonged war, most items saw sharp declines, including automobiles (-39%), general machinery (-66%), and auto parts (-36%). On the import side, crude oil imports amounted to $6 billion, down 5%, due to disruptions in crude oil supplies caused by the closure of the Strait of Hormuz.