South Korea’s early exports show resilience despite Iran turmoil

Semiconductors continued to drive South Korea’s overall shipments, soaring nearly 164 per cent. Read more at straitstimes.com.

SEOUL – South Korea’s export growth maintained momentum in early March, signalling resilient demand even as surging energy prices and renewed trade uncertainty cloud the outlook for global demand.

Exports adjusted for working-day differences climbed 40.4 per cent from a year earlier in the first 20 days of March, Customs office data released on March 23 showed. That compares with a revised 28.7 per cent increase for the full month of February.

On an unadjusted basis, shipments rose 50.4 per cent, while imports gained 19.7 per cent, resulting in a trade surplus of US$12.1 billion (S$15.5 billion).

Semiconductors continued to drive South Korea’s overall shipments, supported by sustained investment in artificial intelligence and data centres. Other sectors, including autos, oil products and steel, also posted gains.

Chip exports soared nearly 164 per cent, while autos rose 11 per cent and oil products 49 per cent.

At the same time, risks to the outlook are growing. A surge in global crude oil prices linked to the Iran conflict is raising raw materials costs, while worsening shipping conditions and broader supply disruptions are adding pressure on trade flows. The impact is particularly acute for South Korea, which depends heavily on imports of energy and commodities.