SEOUL - South Korea is on track to sustain its export growth in March, attributed largely to an ongoing increase in chip shipments, as stated by First Vice Industry Minister Kang Kyung-sung on Tuesday.
According to Yonhap News Agency, the nation anticipates maintaining its trajectory of export recovery and achieving a trade surplus this month, propelled by strong performances in key sectors such as semiconductors and IT products. He highlighted that consumption, investment, and exports are vital pillars of the South Korean economy, all of which are expected to demonstrate a clear recovery trend, supporting overall economic growth.
Despite a more than 13% decline in exports during the early part of March, influenced by fewer working days and diminished vehicle demand, semiconductor sales witnessed a substantial increase, exceeding 20%. Following a period of consistent growth over the past five months, South Korea recorded a $4.29 billion trade surplus in February, continuing a surplus trend that began in June 2023. This rebound in exports marks a significant recovery, especially considering the sector's 7.4% decline throughout 2023, affected by weak chip performance and global economic challenges.