South Korea exports reaches all-time high last month

South Korean exports reached an all-time monthly high in March, mainly to strong demand for semiconductors and petroleum products, according to the Seoul Trade Ministry.

Samsung Electronics, the world’s biggest smartphone manufacturer, is based in the country, and its processors are utilized in a wide range of products.

Outbound shipments from South Korea totaled US$63.48 billion in March 2022, up from $53.69 billion a year earlier.

The figures are “the highest tally since 1956 when trade statistics started to be collected”, the ministry said in a statement.

“Robust growth momentum continues with a double-digit growth for the 13th consecutive month”.

According to ministry figures, semiconductor and petrochemical exports achieved new monthly highs of $13.12 billion and $5.42 billion, respectively.

Imports increased 27.9 per cent year over year to $63.62 billion last month, bringing the country’s trade deficit to $140 million.

Seoul’s central bank announced in January that the country’s economy will grow at its quickest rate in 11 years in 2021, thanks to strong exports and service sector activity.