■ Korea Customs Service Releases Preliminary Trade Data
Semiconductors' share of total exports rises 15 percentage points to 35%
Imports reach $41.2 billion; trade surplus stands at $12.1 billion
South Korea's exports surged to a record $53.3 billion in the first 20 days of March, driven by a sharp increase in semiconductor shipments despite the ongoing war in the Middle East.
According to preliminary trade data released by the Korea Customs Service (KCS) on the 23rd, exports from March 1 to 20 totaled $53.3 billion, up 50.4% from the same period a year earlier. The figure marks an all-time high for the period, surpassing the previous record of $43.5 billion set in the first 20 days of February by nearly $10 billion.
Semiconductors once again led the export rally. Semiconductor exports reached $18.7 billion, exceeding the previous record of $15.1 billion set the prior month. The chip sector's share of total exports expanded by 15.1 percentage points to 35.0%. Passenger vehicles (up 11.1%), petroleum products (up 49.0%) and computer peripherals (up 269.4%) also posted gains. Ship exports, however, declined 3.9%.
Imports totaled $41.2 billion, up 19.7% year-on-year. By category, semiconductors (up 34.3%), crude oil (up 27.8%) and semiconductor manufacturing equipment (up 10.4%) all increased. Crude oil imports in particular showed a steady upward trend for the same period, rising from $4.3 billion in January to $4.4 billion in February and $4.7 billion in March.
The increases are attributed to a simultaneous rise in international oil prices and the exchange rate, driven by the escalation of the Middle East war earlier this month.