South Korea's exports in March fell by 13.6% year-on-year to US$55.12 billion. Not only did exports decrease for six consecutive months, but it also experienced a trade deficit for 13 consecutive months.
[Financial Channel/Comprehensive Report] South Korea’s Ministry of Industry, Trade and Resources said on Saturday (1st) that South Korea’s exports in March fell by 13.6% year-on-year to US$55.12 billion due to weak global demand for semiconductors due to the economic slowdown. There has been an annual decrease, and there has been a trade deficit for 13 consecutive months.
"Yonhap News Agency" reported that South Korea's main export item, semiconductors, saw an annual decrease of 34.5% in March. The South Korean Ministry of Industry and Trade pointed out that in addition to falling demand and chip prices, the high base period is also one of the reasons for the annual decrease.
South Korea's exports in March 2022 reached US$63.8 billion, a record high.
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Although South Korea's exports in March fell by 13.6% year-on-year, which was significantly larger than the 7.5% year-on-year export decline in February, the export value exceeded US$55 billion for the first time in six months.
South Korea's March imports fell by 6.4% year-on-year to US$59.75 billion, which resulted in a trade deficit of US$4.62 billion in March. Although there has been a trade deficit for 13 consecutive months, the difference is the smallest in the past six months.
The Ministry of Industry and Trade of South Korea pointed out that by commodity, the export of displays in March decreased by 41.6% year-on-year to US$1.22 billion, and the export of biological and health products in March decreased by 36.4% year-on-year to US$1.18 billion, but the export of automobiles in March increased significantly compared with the same period last year 64.2%, to a record high of $6.52 billion.
In terms of countries, exports to China, the largest trading partner, decreased by 33.4% year-on-year in March, and fell for six consecutive months. Exports to ASEAN (ASEAN) decreased by 21% year-on-year, exports to Europe decreased by 1.2%, and exports to Japan decreased by 12%. %, exports to Central and South American countries decreased by 5.6% year-on-year, and South Korea's exports to the United States and the Middle East increased by 1.6% and 21.6% respectively in March.
Lee Chang-yang, Minister of Industry and Trade of South Korea, said that due to the global economic slowdown and the uncertainty of the financial sector, South Korea has been suffering from export difficulties. The government will use policy-based financing to carry out targeted support measures for various industries and help small businesses enter the market. Overseas, vigorously promote exports and reduce trade deficit.
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