South Korea's monthly exports smashed through the $80 billion mark for the first time ever in March, rising 48.3% year on year to $86.13 billion.
The Details
The engine: semiconductors. Chip exports spiked 151.4% to an all-time high of $32.83 billion, breaking the $30 billion barrier for the first time. Car exports rose 2.2% to $6.37 billion, driven by hybrid and EV demand. Petroleum product shipments surged 54.9% to $5.1 billion, lifted by war-driven oil price spikes.
By destination, China took $16.5 billion (+64%), the U.S. $16.34 billion (+47.1%), and ASEAN $13.75 billion (+34.3%). Only one market collapsed: Middle East exports plunged 49.1% to just $900 million.
Imports rose a modest 13.2% to $60.4 billion, leaving a trade surplus of $25.74 billion.
Context
These numbers landed in the middle of a war. Oil above $100, global shipping disrupted, the won at crisis-era lows.
The semiconductor supercycle is doing the heavy lifting: chip exports alone now account for 38% of total shipments.
Middle East trade has already cratered, and rising energy costs are eating into margins across Korean industry.
Sources: Yonhap, Bloomberg
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