A pier in the southeastern port city of Busan is seen in this file photo, Feb. 13. Yonhap
Korea is anticipated to maintain an upward momentum in exports in March, the vice industry minister said Tuesday, on the back of a continued recovery in shipments of chips.
“On the back of the rebound in key export products, including chips and IT products, the country is expected to maintain an export recovery and a trade surplus in March,” First Vice Industry Minister Kang Kyung-sung said during a meeting held in the central city of Sejong.
“The consumption, investment and exports, which are three pillars of the Korean economy, will show a clear recovery trend, serving as the key growth engine,” Kang said, noting the government will also utilize all available resources to maintain the growth.
Korea’s exports fell more than 13 percent on-year in the first 10 days of March due mainly to fewer working days and weak demand for vehicles, but sales of semiconductors jumped more than 20 percent.
The country’s outbound shipments also moved up for the fifth consecutive month in February and posted a trade surplus of $4.29 billion. Korea has maintained a surplus since June 2023.
Exports, a key economic growth engine for Korea, rebounded in October after 13 months of an on-year decline. Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. (Yonhap)