Electronics exports.. revive the Korean economy

South Korea’s exports continued to grow last month on the back of strong demand for semiconductors and other electronic devices, boosting policymakers’ confidence that the economy will see strong growth during the first quarter.

Average daily shipments increased by 9.9% over the same period last year, according to data released Monday by the Ministry of Commerce. Main exports also increased by 3.1%, without adjusting for the number of working days, while total imports decreased by 12.3%. The trade balance surplus amounted to $4.3 billion.

In turn, the Ministry of Commerce indicated that South Korea’s chip exports during March increased by 35.7% over the same period last year to $11.7 billion, which is the highest total monthly sales since March 2022, according to the ministry.

Korea’s display exports also rose by 16.2%, and computer sales also increased by 24.5%, confirming the momentum generated by strong demand for technology.

During the first quarter of this year, total exports amounted to $163.7 billion, an increase of 8.3% over the same period last year, which led to achieving a surplus in the trade balance of $9 billion, according to the Ministry of Commerce. (Bloomberg)

Source:
Bloomberg

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