South korea: South Korea's exports surged 55.6% during the first 10 days of March compared to the same period last year, driven by robust demand for semiconductors, as per data revealed on Wednesday.
According to Emirates News Agency, outbound shipments reached $21.5 billion between March 1-10, a significant increase from $13.8 billion recorded during the same timeframe last year, based on data from the Korea Customs Service. This figure marks the highest export level for the specified period.
Imports for the period rose 21.7% year-on-year to $19.4 billion, resulting in a trade surplus of $2.1 billion. Semiconductor exports alone surged 175.9% year-on-year, reaching a record $7.6 billion amidst the global artificial intelligence boom. This marked the highest amount recorded for the first 10 days of a month, surpassing the previous record of $6.7 billion set last month. Chips accounted for 35.3% of the country's total exports for the period, a rise of 15.4 percentage points from the previous year.
Exports of petroleum products increased 44.1% to $1.4 billion. However, automobile exports decreased by 13.9% to $1.4 billion, and shipments of vessels fell 61.9% to $465 million.
By destination, exports to China, South Korea's top trading partner, increased 91.2% year-on-year to $5.1 billion. Shipments to the United States rose 69.9% to $4.2 billion, despite the tariff scheme implemented by U.S. President Donald Trump's administration.