S. Korea exports rise for 6th straight month in March

SEOUL: South Korea’s exports moved up for the sixth consecutive month in March on the back of the robust performance of chips, Yonhap News Agency said on Monday.

Outbound shipments gained 3.1 percent on-year to US$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. South Korea has been maintaining a trade surplus for 10 consecutive months.

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 $12.3 billion posted in June 2022.

Outbound shipments of displays also shot up 16.2 percent to $1.42 billion on the back of the rising demand from the mobile industry.

Exports of automobiles, however, fell 5 percent to $6.16 billion due to a base effect. Outbound shipments of cars had jumped 63.6 percent on-year in March 2023.

Source: Emirates News Age

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