Dae-min Jeong, Gounee Yang

Global Economic News

SOUTH KOREA’S exports and imports hit all-time highs in March this year and the country’s trade balance also shifted to a deficit again due to global energy price hikes.

South Korea’s exports rose 18.2% year on year to US$63.48 billion in March, the largest monthly export in 66 years since 1956, when the nation started compiling related data.

South Korea’s exports have continued to increase for 17 consecutive months since November 2020. The double-digit export growth rate has also continued for 13 months.

The average daily export volume increased 23.4% to US$2.76 billion in March, hitting an all-time high. It broke the previous record of US$2.70 billion in February and both monthly exports and daily average exports hit new highs.

South Korea’s imports rose 27.9% to US$63.62 billion in March, hitting an all-time high.