In March 2014 exports were recorded at USD 49.76 billion, showing year-onyear growth of 5.2%, while imports were recorded at USD 45.57 billion, a year-onyear growth of 3.6%. The trade surplus, maintained for the 26th consecutive month, was USD 4.19 billion.

Thanks to robust exports to advanced nations, the monthly exports for March 2014 were the second highest in Korea’s history, with increasingly higher export growth witnessed in 2014.

More specifically, exports of IT products rose, particularly wireless devices thanks to the growth of the Chinese LTE market and semiconductors as a result of DRAM price hikes, and exports of automobiles and ships grew as well. Meanwhile, exports of LCDs decreased as a result of a drop in panel prices, while petroleum products suffered due to a decrease in demand from major export partners and petrochemical products declined as a result of lowered unit prices of exported goods due to NAPHTHA price declines.

Exports to the US, which have shown a temporary decline due to the cold weather and other factors, showed double-digit growth, fueled by robust exports of consumer products (automobiles, wireless devices, etc.) and machinery. In addition, exports to the EU have shown doubledigit growth for three consecutive months thanks to robust exports of IT products and petroleum products, while the exports to ASEAN and China have increased thanks to export growth in the area of capital goods.

Exports to Japan, prompted by export growth of steel and general machinery and base effects, showed growth for the first time since January 2013. Looking at the imports side, imports grew mainly in the areas of capital goods and consumer products. There was growth in imports of gases thanks to unit price hikes and in crude oil thanks to a rise in import amount growth, while imports of steel and coals declined.

Among capital goods, imports of semiconductor manufacturing equipment doubled, and imports of the IT sector, including parts of wireless devices, memories and LCD devices, grew. Among consumer products, imports of automobiles, clothes and shoes dramatically grew.

Korea is accelerating its export growth thanks to its robust exports to advanced countries, despite multiple negative external factors including concerns over the slowdown of the growth of the Chinese economy. Some negative factors exist, including the Ukraine situation, hikes in consumption taxes in Japan and financial uncertainties in emerging countries as a result of the US tapering policy, but it is expected that Korea’s exports will grow continuously in the second quarter if advanced economies are fully recovered.
 
 
 
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