South Korea’s semiconductor exports increased by over 35 percent compared to a year ago, recording the highest figure in 21 months. With the revival of semiconductor exports, which account for 20 percent of South Korea’s total exports, the country’s total exports have been on a six-month rising trend. There is a growing sense of expectation for South Korea’s economic recovery as its exports are showing significant signs of recovery despite the shrinking domestic demand.
According to the Ministry of Trade, Industry and Energy on Monday, the country’s export volume in March recorded 56.56 billion dollars, up 3.1 percent compared to a year ago. Even though March this year had 1.5 days fewer business days than the same month last year, the export rising trend, which began in October last year, has continued for six consecutive months. The daily average export volume calculated based on the number of business days reached 2.51 billion dollars, up 9.9 percent from the same period last year. As semiconductor exports significantly increased after maintaining poor performance until October last year, it drove up the overall export growth. The semiconductor export volume of last month grew to 11.7 billion dollars, which is 35.7 percent higher than the same period last year.
The country’s import volume decreased 12.3 percent from a year ago to 52.28 billion dollars, recording an overall trade surplus of 4.28 billion dollars. The country has been achieving a trade surplus since June last year. “With the semiconductor sector booming again, the overall export and trade balance are becoming positive,” said Professor of Economics Kang Seong-jin at Korea University. “While the contracted domestic demand is still putting pressure on the economy, the country may see its overall economy revive again as prices stabilize in the second half of the year.”
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