In a testament to its robust trade performance, South Korea has sustained a trade surplus for the 11th consecutive month, with a surplus of US$6.93 billion recorded in March 2024. This surplus, which increased from the previous month, was primarily driven by strong semiconductor exports, marking a positive trend for the country's economy and global commerce.
The merchandise trade balance in March stood at US$8.09 billion, maintaining a surplus for 12 consecutive months. Exports in March reached US$58.27 billion, showing a 3.0% increase compared to the same period last year, with semiconductor exports notably surging by 34.5%. However, there were declines in exports of certain products like passenger cars, machinery, steel, and chemical industrial products.
Imports in March amounted to US$50.18 billion, reflecting a 13.1% decrease year-on-year, primarily influenced by lower imports of raw materials due to energy price impacts. Notably, imports of coal, gas, and chemical industrial products saw significant declines, while imports of petroleum products increased.
The services account in March recorded a deficit of US$2.43 billion, with deficits in the transportation and travel accounts, although the deficit in the travel account decreased compared to the previous month. On the other hand, the primary income account, including dividends and interest, showed a surplus of US$1.83 billion, with positive balances in the dividend and interest income accounts.
This consistent trade surplus underscores South Korea's resilience and competitiveness in the global market, positioning the country as a key player in international trade dynamics.
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