S. Korea’s 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, data showed Monday. Outbound shipments gained 3.1 % 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 % on-year to $52.2 billion last month, resulting in a trade surplus of $4.28 billion. By sector, exports of chips jumped 35.7 % 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 % to $1.42 billion on the back of the rising demand from the mobile industry. The data showed that outbound ship shipments more than doubled to maintain growth for eight consecutive months. Among other key products that saw growth in their exports were health and petroleum products. Exports of automobiles, however, fell 5 % to $6.16 billion due to a base effect. Source: Qata r News Agency